IN WHAT could be Indiaâ€™s largest private equity deal, the Singapore
governmentâ€™s investment armâ€”Temasek Holdingsâ€”will indirectly acquire
4.99% stake in Bharti Airtel as part of separate but possibly
back-to-back transactions that will also see Vodafone selling 5.6% in
the countryâ€™s largest private telecom company. The net impact of these
transactions will be that the shareholding of Bharti Enterprises, the
holding company of Bharti Airtel, will remain at 45% while the
Temasek-Singapore Telecom combineâ€™s holding (Temasek is the largest
shareholder in Singtel) will rise to 36%.
While Bharti executives refused to divulge the deal size and when the Temasek deal will happen, at current market price, it is worth a little over Rs 8,198 crore (about $2 billion). Bharti and Vodafone had announced that the latter will sell 5.6% in Bharti Airtel for $1.6 billion in two tranches before November 2008.
Bharti announced that a group company has â€œdecided to grant an optionâ€ to acquire an indirect stake in Bharti Airtel to a wholly owned arm of Temasek Holdings. â€œThe arrangement envisages acquisition of such number of shares which will result in a beneficial stake in Bharti Airtel up to 4.99%.â€
Every time an offender stealthily leaves India to take refuge in another country, the Government of India starts all over again with its strategy of bringing him back to the nation to make him stan More
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