Singtel is buying 3.62% more of Bharti Telecom Ltd for Rs 1859.25 crore (S$ 383.57 million, or approximately US $303.05 million) in cash, thus increasing its stake in Bharti Telecom to 39.78% from 36.16%. This would lead to an increase in aggregate effective interest in Bharti Airtel to 32.34% from 30.76%. Bharti Telecom is the promoter company of Bharti Airtel, and owns 43.57% of Bharti Airtel. Singtel is buying 788,538 shares in Bharti Telecom at Rs 23,578.45 per share, based on a Bharti Airtel price of Rs 294.69, approximately 10% less than the volume weighted average price of Rs 327.44 per Bharti Airtel Share for the 30 trading days prior to (and excluding) 15 August 2013. Airtel shares opened today at Rs 346.10 on the Bombay Stock Exchange, after closing at Rs 342.70 on Thursday evening (August 15th 2013 was a national holiday). The acquisition is expected to be completed by 28 August 2013. Airtel has operations in India, Sri Lanka, Bangladesh, and in several countries in Africa. reported consolidated revenues of Rs 20,264 crore, up 9.2% year on year, for the quarter ended June 30th 2013, with a Rs 689 crore net profit, down from Rs 762 crore in the same quarter last year. Last month, the Indian government allowed 100% Foreign Direct Investment in telecom.
