Second investment by Singtel within span of 23 months
Bharti Airtel announced that Singapore Telecommunications (Singtel), Asia's leading communications and ICT solutions group and a long term partner of Airtel, will invest Rs. 2649 crores in Bharti Telecom, the promoter company of Airtel through preferential allotment of shares. The transaction is subject to the shareholders' approval of Bharti Telecom. The funds raised will be used towards debt reduction.With this investment, Singtel's total stake (along with its affiliates) in Bharti Telecom will increase to 48.90%. Singtel currently holds 47.17% stake in Bharti Telecom. Bharti Enterprises continues to hold over 50% stake in Bharti Telecom.
The investment comes within 23 months of Singtel's participation in Bharti Telecom's Right Issue of Rs. 2500 crores, which was completed in February 2016.
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