Singtel to increase stake in Bharti Telecom; invest Rs 26.49 billion

Singapore-based telecom operator Singtel will invest Rs 26.49 billion in Bharti Airtel Ltd, increasing its stake in the Indian telecom major to 48.9 per cent.

"Singapore Telecommunications Limited (Singtel) will invest Rs 26.49 billion in Bharti Telecom Limited (Bharti Telecom), the promoter company of Airtel through preferential allotment of shares," Bharti Airtel said in a statement.

The transaction is subject to the shareholders' approval of Bharti Telecom and the funds raised will be used towards debt reduction, it added.

"With this investment, Singtel's total stake (along with its affiliates) in Bharti Telecom will increase to 48.90 per cent," the statement said.