Singapore Telecommunications to raise its stake in Bharti Airtel to 32.34 per cent

In a statement issued to the Singapore Stock Exchange, Singapore Telecommunications (SingTel) has stated that it plans to increase its holding in Bharti Airtel from 30.76 per cent to 32.34 per cent by acquiring an additional stake of 2.62 per cent for Rs 18.59 billion.

In a statement issued to the Singapore Stock Exchange, Singapore Telecommunications (SingTel) has stated that it plans to increase its holding in Bharti Airtel from 30.76 per cent to 32.34 per cent by acquiring an additional stake of 2.62 per cent for Rs 18.59 billion.

SingTel’s subsidiary SingTel International Investments Private Limited has entered into a conditional share agreement with MacRitchie Investments Pte Limited to acquire the latter?s 3.62 per cent stake in Bharti Telecom. SingTel would buy a total of 788,538 shares of BTL for Rs 23,578.45 per share. As Bharti Telecom owns 43.57 per cent stake in Bharti Airtel, Singtel’s share in Airtel would increase from current 30.76 per cent to 32.34 per cent following the acquisition.

Commenting on the move, SingTel in a statement said, ?The acquisition would allow SingTel to increase its effective stake in Bharti Airtel and is in line with SingTel?s strategic focus on maximising the value of its existing businesses, which includes reviewing opportunities to increase shareholdings in existing associates.?