Singtel offers to sell stake worth $1.18 billion in India’s Airtel, Bloomberg News reports

A unit of Singapore Telecommunications has offered to sell shares in India’s Bharti Airtel in a deal that could net about 103.5 billion rupees ($1.18 billion), Bloomberg News reported on Thursday, citing the terms of the offering.

The unit, Pastel, has offered to sell 51 million shares or a 0.8% stake in Airtel at a floor price of 2,030 rupees apiece, according to terms of the deal seen by Bloomberg. The price reflects a 3.1% discount to the stock’s closing price on Thursday.

Bharti Airtel and Singtel did not immediately respond to a Reuters request for comment.

Pastel holds a 8.32% stake in Bharti Airtel as of September 30, exchange data showed.

The transaction will occur on local exchanges on Friday, with the settlement expected on November 10, Bloomberg reported. JPMorgan Chase & Co is the sole broker for the offering.