Singtel’s 3.3% stake sale to Bharti Telecom (BTL) will drive a 1.7% increase in shareholding of the Mittal Family to 25.5%, which we view positively. However, it will increase BTL’s debt, which will need higher dividends from Bharti for servicing interest and will eventually lead to BTL selling stake in Bharti Airtel to repay the debt. While this may be an overhang in the medium term, we maintain Buy with revised PT of Rs 855 given its strong growth outlook. Singtel’s stake sale in Bharti…: Singtel’s decision to sell 3.3% direct stake has been driven by its aim to monetise …
