SingTel hikes stake in Bharti Airtel

Singapore Telecommunications (SingTel) has increased its stake in Bharti Airtel, India’s largest mobile service provider, to 32.15 per cent from 32.04 per cent. In a regulatory filing to the Singapore stock exchange, SingTel said it had purchased 4.07 million shares of Bharti Airtel from the open market for Rs 136 crore.

“The purchase consideration was determined by the prevailing market price of Airtel on the relevant stock exchange. The net asset value per Airtel share, based on Airtel’s consolidated financial statements as on September 30, 2010, was Rs 121.7. On January 10, 2011, the closing market price of Airtel shares on the National Stock Exchange was Rs 339.10,” SingTel said.