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Airtel to become a foreign entity
SingTel is expected to raise stake in promoter Bharti Telecom to over 50 per cent
New Delhi: Singapore-based telecom major SingTel may raise stake in Bharti Telecom, a promoter entity of Airtel, to more than 50 per cent, making the country's first private telecom services provider a foreign entity.
Bharti Telecom is the single-largest shareholder in Bharti Airtel with about 41 per cent equity stake, according to the BSE data.
Sunil Bharti Mittal and his family currently own around 52 per cent stake in Bharti Telecom.
"Bharti Telecom Limited (Promoter of Bharti Airtel Limited), in order to retire some debt may seek equity from its existing promoter group (which may include its overseas entities) and SingTel in proportionate to its holding," Bharti Airtel said in response to an email query.
"Even a marginal increase in foreign equity would take the foreign investment in Bharti Telecom above 50 per cent making it a foreign-owned entity.
Once that happens, Bharti Telecom's entire stake in Bharti Airtel Limited will automatically be considered as Foreign Investment," Airtel said.
