Singtel commits US$405m to Bharti Airtel's 21,000 crore rupees rights issue

Singapore

SINGTEL on Thursday said it intends to exercise its full rights entitlement for its direct 14 per cent stake in regional associate Bharti Airtel, to buy into the latter's 21,000 crore rupees (S$3.8 billion) rights issue at 535 rupees per share.

This translates to a total consideration of up to 29.4 billion rupees or US$405 million over a period of up to three years, said the telco in a regulatory filing, adding that the move signals Singtel's confidence in India, as well as in Airtel's growth prospects.