Singtel, via its unit Singtel International Investments, will spend about 26.5 billion Indian rupees to increase its stake in Bharti Telecom Ltd. under a proposed preferential allotment.
Under the deal, Singtel International Investments will buy up to 85,450,000 new equity shares in Bharti Telecom at 310 rupees per share. This means Singtel will get an additional 1.7% holding in Bharti Telecom, thus increasing the Singaporean telco's economic interest in Bharti Airtel by 0.9% to 39.5%.
Deal completion is expected by March, subject to approval by Bharti Telecom's shareholders.
Bharti Telecom is the holding company of Bharti Airtel Ltd. with a 50.1% stake.
As of Feb. 2, US$1 was equivalent to 64.19 Indian rupees.
