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SingTel Stake In Bharti Inches Up

09 July, 2010

Singapore Telecommunications Limited (SingTel) said that it has purchased 1,588,000 shares of Bharti Airtel Limited via open market for Rs 42.3 crore (approximately S$12.45 million). The shares were purchased by its wholly-owned subsidiary, Viridian Limited. As a result, SingTel’s stake in Airtel has increased from 32% to 32.04%.

The shares of Bharti Airtel closed at Rs 308.10, up by 9.7%. The shares reached a high of Rs 310 on the Bombay Stock Exchange today.

This development comes after SingTel said last year that its plans to increase its stake in Bharti Airtel to 31.95% from 30.43%. Southeast Asia’s largest telecom firm agreed to purchase an additional 730,000 shares in Bharti Telecom, which is the promoter group of Bharti Airtel.

Bharti Airtel completed its $9 billion acquisition of African operations from Kuwait’s Zain last month.


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SingTel Stake In Bharti Inches Up

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