Singtel's stake sale in Bharti…: Singtel's decision to sell 3.3% direct stake has been driven by its aim to monetise and unlock value and to fund capex for 5G and other growth initiatives. While Singtel's shareholding in Bharti Airtel will fall to 29.7%, it will remain its largest shareholder. …will raise Mittal Family's stake: Singtel will sell 3.3% stake in Bharti Airtel to Bharti Telecom (BTL), which holds 36% in Bharti Airtel and in which Singtel owns 49.4%. As a result, Singtel's effective stake will fall by 1.7%. The Mittal Family's effective stake will increase to 25.5% and will bring them closer to equalising their stake with Singtel's. We view this positively. Transaction may need Bharti to pay out more: BTL will likely raise debt to acquire the 3.3% stake from Singtel. As per the terms, the stake is worth Rs 129 bn/$1.6 bn.