|
Bharti Airtel (Airtel) has received an announcement from and issued by Bharti Telecom, promoter of the company. According to the announcement, Bharti and Singtel have decided to make some directional shifts in their respective holdings in Airtel and have agreed that:
• Bharti Telecom (BTL), the promoter of Airtel, an entity held by Bharti and Singtel, has been and will continue to be the principal vehicle to hold Controlling Shares in Airtel.
• BTL will further strengthen its shareholding in Airtel. Accordingly, Singtel and its affiliates have entered into an agreement to transfer ~3.33% shares to BTL for an aggregate amount of approx. SGD 2.25 billion, leaving direct shareholding of Singtel and Bharti in Airtel at ~10% and ~ 6% respectively. The acquisition is to be completed over a period of 90 days.
• Bharti and Singtel have agreed to work towards equalizing their stake in Airtel over a period of time.
BTL will calibrate and spread such acquisitions to maintain a comfortable level of leverage.
Bharti Enterprises and Singtel have had over 20 years of solid partnership based on mutual respect and trust resulting in a rewarding outcome. Over these years, Bharti Airtel (Airtel) has not only acquired a strong pan-India leadership position, but has also expanded to 16 more countries in Africa and South Asia.
Throughout this period, Singtel and Bharti have participated in Rights issues, acquisition and sale of shares maintaining a healthy inter-se balance in their shareholding under the control and management of Bharti in Airtel.
|