Singtel concludes Rs 2649 crore investment in Bharti Telecom

Singtel concludes Rs 2649 crore investment in Bharti Telecom

"National Company Law Tribunal (NCLT) has sanctioned the scheme of amalgamation between Telenor (India) Communications and Bharti Airtel and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013, company said in release".

Last month, Singtel had announced plans to raise its stake in Bharti Airtel by investing Rs 2,649 crore in the telco's holding company, Bharti Telecom, through a preferential share issue, proceeds of which would be used to cut debt.

"Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board in its meeting held on March 12, 2018, has approved the transfer of 19% equity shares of Bharti Telemedia Limited ('Telemedia'), a subsidiary Company to Nettle Infrastructure Investments Limited, a wholly owned subsidiary company", Bharti Airtel said in a filing to the BSE. As on December 31, 2017, the company's consolidated net debt stood at Rs 91,714 crore.

The companys market valuation went up by Rs 7,515.61 crore to Rs 1,68,190.61 crore.

Shares of Bharti Airtel ended with sharp gains on the bourses with the scrip settling 4.68 per cent, or Rs 18.80, higher at Rs 420.75 on the BSE.

The NCDs of up to Rs 10,000 crore can be raised in tranches or a series at rates approved from time to time.

In December previous year, United States private equity giant Warburg Pincus acquired a 20 per cent stake in Bharti Telemedia Ltd, the DTH arm of Airtel, for around Rs 2,310 crore.

Earlier, Airtel had pared stake in tower arm Bharti Infratel. Bharti Airtel had recently increased its capital expenditure guidance for this fiscal to Rs 25,000 crore from Rs 20,000 crore earlier.

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