SingTel stake in Bharti up at 30.84%

By agencies   |   Friday, 20 May 2005, 07:00 Hrs
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NEW DELHI:Singapore Telecommunications Ltd has agreed to raise its stake in Bharti Telecom Ltd to 32.81 percent from 26.96 percent at a cost of $252 million.

With this, its effective interest in Bharti Tele-Ventures will increase to 30.84 per cent from 28.16 per cent, SingTel said.

''The acquisition of Bharti Telecom shares is in line with the company's strategic focus on maximizing the value of existing business and its regional franchise, which includes reviewing opportunities to increase shareholdings in existing associates,'' SingTel stated.

Bharti Tele-Ventures Ltd today said its Board has decided not to proceed with the proposed sponsored ADR due to lack of sponsorship interest by most of its principal shareholders.

In July 2004, Bharti had announced its intention to proceed with a sponsored ADR offering of up to 200 million equity shares.

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