Singapore duo to invest in Bharti Airtel rights offer

Bharti Airtel has received commitment from Singtel and GIC of Singapore to subscribe to its Rs 25,000- crore rights issue, which is part of its Rs 32,000-crore capital raising programme to curtail debt. The rights issue will also see the participation of the other promoters.

Singtel, part of the promoter group and the single largest shareholder of Bharti Airtel, will infuse Rs 3,750 crore in the proposed issue, while GIC will invest Rs 5,000 crore. A statement from the company said the entire rights entitlement of the promoter and promoter group of around Rs 16,785.7 crore will be subscribed by the promoter and promoter group and GIC.

The promoter and promoter group will subscribe to Rs 11,785.7 crore and GIC on behalf of Government of Singapore and Monetary Authority of Singapore will chip in Rs 5,000 crore.