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Read more about Singtel to increase stake in Bharti Telecom; invest Rs 26.49 billion on Business Standard. Singtel\'s stake in Bharti Telecom to reach 48.90 per cent after this investment; funds to be used towards debt reduction

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singtel to increase stake in bharti telecom

Singtel to increase stake in Bharti Telecom;

invest Rs 26.49 billion

Singapore-based telecom operator Singtel will invest Rs 26.49 billion in Bharti

Airtel Ltd, increasing its stake in the Indian telecom major to 48.9 per cent.

"Singapore Telecommunications Limited (Singtel) will invest Rs 26.49 billion in

Bharti Telecom Limited (Bharti Telecom), the promoter company of Airtel through

preferential allotment of shares," Bharti Airtel said in a statement.

The transaction is subject to the shareholders' approval of Bharti Telecom and the

funds raised will be used towards debt reduction, it added.

with this investment singtel s total stake along

"With this investment, Singtel's total stake (along with its affiliates) in Bharti

Telecom will increase to 48.90 per cent," the statement said.

Singtel currently holds 47.17 per cent stake in Bharti Telecom while Bharti

Enterprises continues to hold over 50 per cent stake in Bharti Telecom, it said.

The investment comes within 23 months of Singtel's participation in Bharti

Telecom's Right Issue of Rs 25 billion, which was completed in February 2016.

"Airtel shares a nearly two-decade-long relationship with Singtel, which has only

become stronger over the years. The fresh round of investment highlights the

confidence of Singtel in Airtel, and the increased attractiveness of the Indian

telecoms sector following the recent consolidation," said Deven Khanna,

Managing Director, Bharti Telecom.

Article By - Business Standard