Bharti Telecom (BTL) has decided to strengthen its shareholding in Bharti Airtel. Accordingly, Singtel and its affiliates have entered into an agreement to transfer approximately 3.33 per cent shares to BTL for an aggregate amount of approximately 2.25 billion Singapore dollars, leaving direct shareholding of Singtel and Bharti in Airtel at around 10 per cent and 6 per cent respectively. The acquisition is to be completed over a period of 90 days.
Bharti Telecom, the promoter of Airtel, an entity held by Bharti and Singtel, has been and will continue to be the principal vehicle to hold Controlling Shares in Airtel.
Bharti and Singtel have agreed to work towards equalizing their stake in Airtel over a period of time. BTL will calibrate and spread such acquisitions to maintain a comfortable level of leverage.
Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.
