Singapore-based SingTel’s wholly-owned subsidiary, SingTel International Investments, has reportedly entered into a conditional share purchase agreement with MacRitchie Investment to acquire 788,538 equity shares in the capital of Bharti Telecom (BTL), a promoter company of Bharti Airtel.
SingTel International Investments will acquire the said stake in an all-cash deal worth $301 million and following the investment, expected to be concluded by August 28, SingTel’s effective stake in Bharti Airtel will increase from 30.76 per cent to 32.34 per cent.
BTL is a promoter company of Bharti Airtel and presently holds about 43.57 per cent of the share capital of Bharti Airtel.
