Singtel to buy 7.39 per cent more stake in Bharti Telecom for $650 mn

New Delhi: Singapore Telecommunications (Singtel) on Thursday said it is acquiring 7.39 per cent additional stake in the holding arm of India's largest telecom company Bharti Airtel for around $650 million. The development, as per a series of regulatory filings across countries, is a part of a larger deal struck by Singtel with Temasek to acquire 21 per cent in Thailand-based Intouch Holdings and 7.39 per cent of Bharti Telecom for a total consideration of $1.8 billion. "The aggregate consideration payable for the Bharti Telecom sale shares is approximately Singapore Dollars 884 million (US $658 million)," Singtel added about the deal, which comes just ahead of India's largest-ever spectrum auction to date. "Singtel currently already has an interest of approximately 39.78 per cent in the share capital of Bharti Telecom and an interest of approximately 15.01 per cent in the share capital of Bharti Airtel." Following the acquisition of the Bharti Telecom sale shares, Singtel's interest in the share capital of Bharti Telecom will increase from approximately 39.78 per cent to 47.17 per cent.