Singtel invests Rs 2,649 cr in Bharti Telecom

Bharti Airtel on Tuesday said Singapore Telecommunications (Singtel) has invested Rs 2,649 crore in Bharti Telecom, the promoter company of Airtel.

As per the deal, shares have been allotted to Singapore International Investments Private Ltd, an affiliate of Singtel, Bharti Airtel said in regulatory filing to the BSE. This transaction concludes the investment process that Bharti Airtel had announced on February 5.

With this investment, “Singtel’s total stake (along with its affiliates) in Bharti Telecom has increased to 48.90 per cent,” the filing said, adding that, Bharti Enterprises continues to hold over 50 per cent stake in the company.

Previously, Singtel held 47.17 per cent in Bharti Telecom. This investment comes after two years of Singtel’s participation in Bharti Telecom’s Right Issue of Rs 2,500 crore, which was completed in February 2016. Currently, Bharti Telecom holds approximately 50.1 per cent of the share capital of BAL.

Following completion of the transaction, Singtel’s interest in the share capital of BTL increased from approximately 47.17 per cent to 48.9 per cent, and, including its direct shareholding in BAL, Singtel’s effective interest in BAL will increase from 38.64 per cent to 39.51 per cent.SIIPL has increased its share capital from $1.1b to $1.7b via the allotment and issue of 539.4 million ordinary shares at$1 per share to its holding company, Singapore Telecom International Pte Ltd, a wholly-owned subsidiary of Singtel.