Bharti Telecom Limited & others entered into a share purchase agreement to acquire an additional 3.33% stake in Bharti Airtel Limited from Pastel Limited and Viridian Limited for SGD 2.3 billion.

Bharti Telecom Limited & others entered into a share purchase agreement to acquire an additional 3.33% stake in Bharti Airtel Limited (BSE:532454) from Pastel Limited and Viridian Limited for SGD 2.3 billion on August 25, 2022. Under the terms of transaction, Bharti Telecom Limited acquired 3.2% stake by acquiring approximately 190 million shares & rest will be acquired by other shareholders. Post completion, Bharti Telecom Limited will own 38.6% stake in Bharti Airtel.

the transaction will be executed any time before November 23, 2022. The Sale Proceeds of approximately SGD 2.25 billion will enhance the cash flow and balance sheet flexibility of the Singtel Group, and may be used to reduce the debts of the Singtel Group or fund the Group's needs for 5G capital expenditures and growth initiatives. Anil Kasturi and Niladri Maulik of AZB & Partners acted as legal advisor to Bharti Telecom Limited.