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16 December, 2018 06:54 IST
Singtel to invest Rs 26.49 bn in Bharti Telecom
Source: IRIS | 05 Feb, 2018, 10.03AM
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Bharti Airtel today announced that Singapore Telecommunications (Singtel), Asia's leading communications and ICT solutions group and a long term partner of Airtel, will invest Rs 26.49 billion in Bharti Telecom, the promoter company of Airtel through preferential allotment of shares. The transaction is subject to the shareholders' approval of Bharti Telecom. The funds raised will be used towards debt reduction.

With this investment, Singtel's total stake (along with its affiliates) in Bharti Telecom will increase to 48.90%. Singtel currently holds 47.17% stake in Bharti Telecom. Bharti Enterprises continues to hold over 50% stake in Bharti Telecom.

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. 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.

Deven Khanna, Managing Director, Bharti Telecom, said, ''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.''

Shares of the company gained Rs 4.5, or 1.07%, to trade at Rs 426.30. The total volume of shares traded was 119,804 at the BSE (9.49 a.m., Monday).



Bharti Airtel Limited   (Q,N,C,F)*

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