The acquisition is said to be at an “attractive price representing a significant discount typically available for such large block transactions”. The price was not included in the filing on the Singapore Exchange (SGX) on Feb 25.
Further to the acquisition, Bharti Airtel is protected with a capped price, which is lower than the price for the block of Indus shares sold by Vodafone on Feb 24.
“This shall be value accretive to Bharti Airtel and protect its existing significant shareholding in Indus Towers,” reads the statement.
Bharti, along with its wholly-owned subsidiary Nettle Infrastructure Investments, currently own a 41.73% stake in Indus Towers.
See also: Amalgamation of AIS and Gulf to be completed on April 1, says Singtel
Shares in Singtel closed 7 cents higher or 2.77% up at $2.60 on Feb 25.
