International company Singtel to invest 2649 crores in Bharati Telecom
Posted on:06 Feb 2018 09:54:42
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06 February 2018 Current Affairs: Singapore Telecommunications (Singtel) spend up to 2643 crores on shares in India’s Bharti Telecom, lifting its stake slightly in the holding company for Bharti Airtel to just under half.
India’s telecommunications sector has been hit hard by a price war since the entry of carrier Reliance Jio, the telecoms arm of Reliance Industries Ltd, more than a year ago.
The purchase worth as much as 26.5 billion rupees could increase Singtel’s stake in Bharti Telecom by up to 1.7 percentage points to 48.9 percent and its holding in Bharti Airtel, the country’s biggest mobile carrier, by up to 0.9 percentage points to 39.5 percent.
The deal will be done via a preferential share allotment.
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