,Singapore

Singtel subscribes to Airtel’s rights issue at $9.81 per share

The total consideration of up to $539m over three years will take effect. 

Singtel intends to subscribe to Airtel’s rights issue at an issue price of $9.81 (INR 525), it announced through a news release.

This will be for a total consideration of up to $539m over a period of up to three years. A direct stake of 14% will represent Singtel’s full rights entitlement. 

With the completion of this deal, Singtel will continue to be Airtel’s single largest shareholder. 

This is in fulfilment of Singtel’s strategic reset announced last May. The focus is on the building of digital ecosystems in the region through a multi-local strategy that could involve unlocking assets to reinvest in critical infrastructure. This, in turn, is expected to power the digital economy.

Singtel Chief Financial Officer Arthur Lang said that this initiative showed their confidence in Airtel’s performance.

“Our participation in this rights offering underscores our confidence in Airtel’s growth prospects. Not only will the Indian government’s recently announced reform package result in improved regulatory conditions supporting the healthy growth of the industry, but it will also significantly improve Airtel’s liquidity to invest in becoming a truly digital-first company that will serve India’s digital vision. Buoyed by the unprecedented wave of digitalisation, Airtel is currently delivering strong revenue momentum across all business segments, reflecting the strength of its portfolio. All this will, in turn, enable Airtel to contribute sustainably to Singtel.”

Airtel is currently one of India’s leading telecommunications companies. With operations in 19 countries, it currently has a reach across 18 countries and a mobile customer base of more than 440 million. The company has also been associated with Singtel ever since a majority stake was acquired in 2000.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Module integration and completion are not part of its responsibilities.
The company says it will continue to welcome feedback from workers.
OneMap3D data from ERA will be incorporated into its RealtyWatch mobile apps
$500,000 was contributed to the library's Green Grove showcase.
He has over 25 years of experience in business and risk roles.
The country also won 'Best Seaport in Asia' for the 33rd time.
Flight bookings were made available on 22 October.
Sembcorp Industrialshowed the most growth.
Analysts said there are three factors that drove the price growth.
Prices of private residential properties rose by 1.1% in Q3, marking the sixth consecutive quarter of growth.
72% of Singaporeans were aware of the term 'ESG.'
This strong performance was due to the recent acquisitions by the company.