Singtel completed its subscription to 170.10 million new shares of Indian telco Bharti Airtel under its rights issue, the Singapore telco said in a filing to SGX Wednesday.
The price per share was 220 Indian rupees, or around S$4.32, for a total of 37.4 billion rupees, or around S$735 million, Singtel said.
Based on the volume weighted average trading price for Bharti Airtel shares on the Bombay Stock Exchange and the National Stock Exchange of India for the past 30 trading days, the market value of the subscription shares is 334.3 rupees each, for a total valuation of 56.9 billion rupees, or S$1.12 billion, for subscription shares.
After the rights issue, Singtel’s effective stake in Bharti Airtel fell to 35.2 percent from 39.5 percent, the filing said.
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