SingTel Raises Stake in Bharti Airtel

Submitted by Deepti Parekh on Sat, 10/31/2009 - 20:16

SingTel Raises Stake in Bharti Airtel

Singapore Telecommunications Ltd is currently working on its strategy to expand its business operations and, in a first step for achieving continuous growth, the firm has announced to acquire more stake in Bharti Airtel Ltd.

With the latest move, SingTel has increased its stake in the firm to 31.95%.

Singapore Telecommunications, Southeast Asia's largest telecommunications company by revenue, would pay US$654 million for acquiring 730,000 shares in Bharti Telecom Ltd.

The firm, having six major foreign associates,  said in a statement, "The amount payable by Pastel for the sale shares will be between approximately INR18,073 million (about US$393 million) to INR30,084 million."

The development will lead to erosion of Bharti Telecom’s stake in Bharti Airtel Ltd which currently holds 45.3 per cent stake in the firm.

SingTel currently holds 30.43 per cent stake in Bharti Airtel and post acquisition its stake would increase to 31.95 per cent after the completion of the share purchase on November 12.

SingTel said, "The acquisition is in line with SingTel's strategic focus on maximizing the value of its existing businesses." The firm has fully backed Bharti Airtel when the latter has tried to acquire stake in South African company MTN Group Ltd earlier in the year.


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