SingTel raises stake in Bharti Airtel to 32.25 per cent
13 Apr 2011
Singapore-based SingTel has increased its stake in Indian telecom major Bharti Airtel by a nominal 0.1 percentage point at around Rs93 crore.
SingTel, through its subsidiary Viridian Ltd, bought 2.83 million shares of Bharti Airtel, in an open market transactiom, for an aggregate cash consideration of Rs93.4 crore (about S$26 million), SingTel said in a stock market filing.
"The purchase consideration was determined by the prevailing market price of Airtel on the relevant stock exchange," it said.
Bharti Airtel, India's largest telecom company, is jointly promoted by SingTel and companies belonging to industrialist Sunil Mittal's family.
SingTel owned 32.15 per cent stake in Bharti Airtel till December 2010 and the latest acquisition raises its stake in Bharti Airtel by 0.1 percentage point to 32.25 per cent.
Of the original 32.15 per cent aggregate stake of SingTel in Bharti Airtel, 16.43 per cent was directly owned while the remaining 15.72 per cent was owned by SingTel's indirect subsidiaries - Pastel (15.57 per cent) and Viridian Ltd (0.15 per cent).