Bharti Airtel and Singapore Telecommunications Limited (Singtel) have executed amendments to their existing shareholders' agreement on December 18, 2025, marking a significant development in their corporate relationship. The modifications involve Singtel relinquishing several key reserved rights and implementing governance improvements.

Amendment Details and Regulatory Disclosure

The company filed the amendment details with stock exchanges under Regulation 30 of SEBI Listing Regulations. The original shareholders' agreement was executed on January 22, 2009, between Bharti Airtel, Bharti Telecom Limited (the promoter), and Pastel Limited (part of Singtel group).

Current Shareholding Structure

The amendment filing reveals the current shareholding pattern of the key parties involved in the agreement:

Key Changes and Governance Impact

According to the regulatory filing, the parties have mutually agreed to amend the existing agreement to better align with business requirements and contemporary governance standards. The key changes include Singtel relinquishing several key reserved rights, along with other modifications aimed at removing redundancy and making necessary revisions for clarity and governance.

Strategic Rationale and Future Implications

The company stated that the proposed changes reflect the evolving maturity of the relationship and a shared commitment to focus on Airtel's growth while respecting governance obligations of both parties. Importantly, the filing confirms there is no impact on management or control in the company due to these changes.

The amendments are intended to simplify and rationalize the existing arrangement in line with best governance practices and do not confer any new rights on either party. These changes will also necessitate consequent amendments to the Articles of Association of the company, for which shareholder approval will be sought in due course.

Bharti Airtel Limited's Board of Directors has approved a significant call payment on its partly paid-up equity shares, marking an important step in the company's capital structure optimization. The decision was taken during a board meeting held on December 18, 2025.

Call Payment Details

The board has approved the first and final call of ₹401.25 per share, which includes a premium of ₹397.50, on 392,287,662 outstanding partly paid-up equity shares. These shares have a face value of ₹5.00 each with a current paid-up value of ₹1.25 each, and were originally issued on a rights basis pursuant to the Letter of Offer dated September 22, 2021.

Key Dates and Timeline

The company has established a clear timeline for the call payment process. The record date has been fixed for Friday, February 6, 2026, which will determine the holders of partly paid-up equity shares liable to pay the call amount.

Trading in the partly paid-up equity shares of the company (ISIN: IN9397D01014) on stock exchanges will be suspended with effect from February 6, 2026.

Fund Utilization and Strategic Impact

The proceeds from the call payment will be utilized primarily for pre-payment/repayment of borrowings, including accrued interest, and general corporate purposes. This strategic move is expected to strengthen the company's financial position.

Following the pre-payment/repayment of borrowings, combined with organic cash generation, Bharti Airtel's India Operations are expected to become effectively net debt-free in the near term. The company will retain only DoT liabilities and Finance Lease Obligations, thereby further strengthening its balance sheet.

Administrative Details

The board meeting commenced at 16:45 hours IST and concluded at 17:45 hours IST on December 18, 2025. Further details regarding the call payment will be provided in a Call Notice, which will be circulated in due course to all relevant stakeholders.

This call payment represents the completion of the rights issue process initiated in 2021 and demonstrates the company's commitment to optimizing its capital structure while maintaining financial flexibility for future growth opportunities.