Singtel ups stake in BTVL via Bharti Telecom

Singapore Telecom (Singtel) has increased its stake in Bharti Tele-ventures to 30.84% by infusing $252 million.

Singtel's has bought shares worth $252 million of the unlisted Bharti Telecom - the parent company of Bharati Tele-ventures.

Meanwhile, Bharti has decided not to proceed with the proposed secondary overseas issue of up to 20 crore equity shares due to lack of interest by shareholders.

"Bharti Tele-ventures had in July 2004 announced its intention to proceed with a sponsored American Depository Receipt (ADR) secondary offering of up to 20 crore equity shares. The board of directors of BTVL has decided not to proceed with the proposed ADR due to lack of sponsorship interest by most of its principal shareholders," the company said in a statement.

"Singtel's increase in stake is an expression of confidence in India, a growth story of Indian telecom and in BTVL -- its performance, management team and its role in shaping the Indian telecom industry," Bharti spokesperson said.

Singtel's stake in BTVL has been increased through its subsdiary Pastel Ltd, which has increased the stake in Bharti Telecom to 32.81% from 26.96%.