Singtel to buy about $525 million worth Bharti Airtel stock after Competition with Jio

Singapore Telecommunications Ltd (Singtel) will buy roughly $525 million worth Bharti Airtel stock as part of its Indian telecom partner’s plan to raise $4.6 billion through shares and bonds.

Sunil Mittal’s Airtel, fighting a low tariff war unleashed by rival telecom firm of Billionaire Mukesh Ambani’s Reliance Jio, hopes to use the money to cut debt and strengthen its balance sheet at a time when the Indian telecom industry is trying to come to terms with a price war triggered by the entry of Reliance Jio Infocomm Ltd.

Under the fundraising plan, announced last month by the Sunil Mittal company, Airtel plans to sell new shares worth Rs 25,000 crore ($3.6 billion) for Rs 220 apiece, or a nearly 30 per cent discount to its current stock price.

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