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Bharti Airtel gains 4% as Singtel plan to invest Rs 26.49 billion

The stock up 4% to Rs 439 on BSE after the company announced that Singtel will invest Rs 26.49 billion in Bharti Telecom through preferential allotment of shares

SI Reporter  |  Mumbai 

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gained 4% to Rs 439 on BSE after the company announced that Singapore Telecommunications (Singtel) will invest Rs 26.49 billion in through preferential allotment of shares. is the promoter company of The transaction is subject to the shareholders’ approval of The funds raised will be used towards debt reduction, said in a press release. With this investment, Singtel’s total stake (along with its affiliates) in will increase to 48.90%. currently holds 47.17% stake in Bharti Enterprises continues to hold over 50% stake in The fresh round of investment highlights the confidence of in Airtel, and the increased attractiveness of the Indian telecoms sector following the recent consolidation.

The investment comes within 23 months of Singtel's participation in Bharti Telecom’s Right Issue of Rs 25 billion, which was completed in February 2016, the company said. The fresh round of investment highlights the confidence of in Airtel, and the increased attractiveness of the Indian telecoms sector following the recent consolidation, Deven Khanna, Managing Director, Bharti Telecom, said. The stock of had underperformed the market by falling 22% since January 5, as compared to 1.6% rise in the S&P BSE Sensex till Friday.

First Published: Mon, February 05 2018. 10:43 IST
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