Singtel to buy more shares in Bharti Airtel

Nieuws Mobiel India 5 FEB 2018
Singtel to buy more shares in Bharti Airtel

Singtel has announced plans to invest up to INR 26.5 billion (USD 413 million) in shares in Indian operator Bharti Telecom, and thus slightly increase its stake in the holding company for Indian operator Bharti Airtel to just under half. The purchase, subject to approval by Bharti shareholders, could increase Singtel's stake in Bharti Telecom by up to 1.7 percent to 48.9 percent and its holding in Bharti Airtel by up to 0.9 percent to 39.5 percent. 

The deal will be done via a preferential share allotment. Bharti Airtel said the money will be used to reduce debt. 

"While there are currently headwinds in India, we take a long-term view of our investment in Airtel which continues to be a strong market leader in a region with rapidly increasing smartphone penetration and mobile data adoption", said Arthur Lang, CEO International at Singtel, in a statement.

Categories:

Mobiel

Companies:

Bharti Airtel,  SingTel

Countries:

India

Tags:

Shareholders & subsidiaries, M&A buyouts & divestments

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