SingTel raises stake in India's Bharti Airtel for S$384 million

SINGAPORE Thu Aug 15, 2013 4:21pm IST

Stocks

   

SINGAPORE Aug 15 (Reuters) - Singapore Telecommunications Ltd said on Thursday it will increase its effective interest in India's Bharti Airtel Ltd to 32.34 percent from 30.76 percent, paying around S$383.6 million ($302.2 million).

SingTel, Southeast Asia's largest telecommunication operator, said it had agreed to buy 788,538 shares, or 3.62 percent, of Bharti Telecom Ltd. Bharti Telecom holds approximately 43.57 percent of Bharti Airtel.

"The acquisition would allow SingTel to increase its effective stake in BAL (Bharti Airtel), and is in line with SingTel's strategic focus on maximising the value of its existing businesses, which includes reviewing opportunities to increase shareholdings in existing associates," the Singapore firm said.

SingTel reported on Wednesday a 7 percent rise in its first-quarter net profit, but warned of falling revenue due to the weakening Australian dollar. ($1 = 1.2695 Singapore dollars) (Reporting by Eveline Danubrata; Editing by Rachel Armstrong)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Election 2014

REUTERS SHOWCASE

TCS Results

TCS Results

TCS net profit rises 51.5 percent, sees stronger sales growth.  Full Article | Quote 

Election 2014

Election 2014

Promises and more promises: India’s parties pitch their visions.  Full Article | Full Coverage 

India Markets

India Markets

Sensex slumps 207 points, at 2-1/2 week closing low.  Full Article 

Telecom Sector

Telecom Sector

RComm to raise mobile call tariff by up to 20 percent  Full Article 

Chinese Economy

Chinese Economy

China economic growth slows to 18-month low in first quarter  Full Article 

New Direction

New Direction

CEO Nadella pushes data culture at Microsoft.  Full Article 

Bitcoin ATM

Bitcoin ATM

China gets first bitcoin ATM, skirting bank crackdown.  Full Article 

Strong Sales Volume

Strong Sales Volume

Small is beautiful for Coca-Cola as volumes soar in China  Full Article 

Breakingviews

Breakingviews

Diageo throws money at Indian empire-building  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage