A unit of Singapore Telecommunications, Pastel Ltd. has offered to sell 51 million shares in Bharti Airtel, one of India’s top mobile carriers, in a deal that could raise 103.5 billion rupees (US$1.2 billion).

The shares represent a 0.8% stake in Bharti Airtel and are priced at 2,030 rupees (US$24.36) each, a 3.1% discount to the company’s closing price in Mumbai on November 6.