SingTel – BT

SingTel ups stake in Bharti Airtel

SINGAPORE Telecommunications is shoring up its stake in Bharti Airtel, India’s biggest wireless operator, to 31.95 per cent from 30.43 per cent.

In a regulatory filing yesterday, it said that wholly- owned subsidiary Pastel has agreed to buy 730,000 shares in Bharti Telecom from the Bharti Group for between 18 billion rupees (S$536.2 million) and 30.1 billion rupees in cash. Bharti Telecom holds about 45.3 per cent of the share capital of Bharti Airtel.

With this share acquisition, SingTel’s effective interest in Bharti Telecom will rise from 32.81 per cent to 36.16 per cent, and its effective interest in Bharti Airtel from 30.43 per cent to 31.95 per cent. The share transaction, subject to applicable approvals or consents being obtained, is expected to be completed on Nov 12.

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