SingTel raises Bharti Airtel stake for $302 million

Says it has agreed to buy 788,538 shares, or 3.62%, of Bharti Telecom

Singapore Telecommunications Ltd has said it will increase its effective interest in Bharti Airtel Ltd to 32.34% from 30.76%, paying around Rs 1,860 crore ($302 million).

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

Bharti Telecom holds approximately 43.57% 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% rise in its first-quarter net profit, but warned of falling revenue due to the weakening Australian dollar.