New Delhi: Singapore Telecommunications (SingTel) on Tuesday said it has increased stake in India’s largest mobile operator Bharti Airtel to 32.15% after it purchased shares worth Rs136 crore from the open market.
As a result, SingTel’s interest in Airtel has increased to 32.15% from 32.04%.
SingTel through its wholly-owned subsidiary, Viridian Ltd, has purchased 40.75 lakh shares of Bharti Airtel for Rs136 crore (S$39 million), SingTel said in a regulatory filing to the Singapore Stock Exchange.
“The purchase consideration was determined by the prevailing market price of Airtel on the relevant stock exchange,” the company added.
As on 10 January 2011, the closing price of Airtel shares on the National Stock Exchange (NSE) was Rs339.10 per share.
SingTel is the single largest foreign investor in Bharti Airtel, which has expanded its operations in Africa recently after acquiring Zain Telecom’s assets there.
The SingTel Group is Asia’s leading communications group, providing a diverse range of communication services and solutions, including fixed, mobile, data, Internet, info-communications technology, satellite and pay TV.
Shares of Bharti Airtel closed at Rs339.20 on the BSE, up 0.10% from the previous close.