SingTel raises stake in India's Bharti Airtel for $383.6 million
SingTel is raising its stake in India's Bharti Telecom by 3.6 per cent by acquiring 788,538 shares for $383.6 million.
Bharti Telecom holds about 43.6 per cent of Bharti Airtel.
The acquisition would allow SingTel to increase its effective stake in Bharti Airtel, 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, the Singapore listed company said in a statement.
SingTel currently has an aggregate effective interest in Bharti Airtel of some 30.8 per cent through its direct interest in Bharti Airtel and indirect interest via equity shares in Bharti Telecom.