Singtel looks to be caught between a rock and a hard place. One of its associates Bharti Airtel intends to raise up to Rs 21,000 crore through a rights issue to bolster its balance sheet [news]. A Bloomberg Intelligence analyst estimates Singtel may need to cough up S$1.2 billion to avoid dilution of its 31.7% stake in Bharti. As we know, Singtel is in the midst of rolling out its own 5G infrastructure in Singapore, and it costs a bomb. We also know Singtel's subsidiary Optus is trying to offload its towers to raise capital. But I fear this may not be sufficient, which implies Singtel may have to risk cutting its dividend to conserve cash....