Singapore-based SingTel on Thursday said it will acquire 788,538 shares of a promoter company of India's largest private telecom operator
Bharti Airtel in an all-cash deal worth $301 million (about Rs 1,859 crore).
Following the investment, expected to conclude by August 28, SingTel's (Singapore Telecommunications Ltd) effective stake in Bharti Airtel will increase from 30.76 per cent to 32.34 per cent.
In a disclosure to the Singapore Exchange (SGX), SingTel said: "Its wholly-owned subsidiary, SingTel International Investments Private Ltd has entered into a conditional share purchase agreement with MacRitchie Investments Pte Ltd to acquire 788,538 equity shares in the capital of Bharti Telecom Limited (BTL)."
BTL is a promoter company of Bharti Airtel Ltd and as on the date of this announcement, holds about 43.57 per cent of the share capital of Bharti Airtel, it added.
"The acquisition would allow SingTel to increase its effective stake in BAL, and is in line with SingTels strategic focus on maximising the value of its existing businesses," the filing said.
It added: "The aggregate consideration payable for the sale shares is Rs 18,592,501,189 or Singapore Dollars 383,576,342. The price per sale share is Rs 23,578.45."
"Completion is expected to take place on 28 August 2013," SingTel said.
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