SingTel to increase stake in Bharti Airtel: Media Report

SingTel to increase stake in Bharti Airtel: Media Report
Singapore listed Singapore Telecommunications (SingTel) is planning to increase its stake in Bharti Airtel to 32.34 per cent by acquiring more shares in the parent company Bharti Telecom Ltd (BTL), according to a Economic Times report.

The report said SingTel, which has set aside S$ 2 billion for acquisitions, will buy 7.88 lakh equity shares of BTL from MacRitchie Investments Pte—a wholly owned subsidiary of SingTel's controlling shareholders.

"The acquisition would allow SingTel to increase its effective stake in BAL 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," SingTel said in a statement according to the report.

Dion Global Solutions Ltd.

Read more about: bharti airtel
Story first published: Friday, August 16, 2013, 9:10 [IST]
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