Bharti Airtel sells part of Infratel stake

Bharti Airtel sells stake in tower arm Bharti Infratel for Rs 3,325 crore to reduce debt

Reports were rife that Bharti Airtel was planning to raise $400 million or Rs 2,617.2 crore by selling 3.5 per cent stake in the listed tower unit through block deals in the open market on Tuesday.

The stock now trading at Rs 400.6, down by Rs 10.5 or 2.55% from its previous closing of Rs 411.1 on the BSE.

Proceeds from this share sale will be utilized to reduce Bharti Airtel's total debt.

Now post transaction Bharti Airtel and its wholly owned subsidiaries together have an equity holding of 53.51% in Bharti Infratel. The company sold the shares at Rs 400.60 a piece, which is 3.6% lower than Monday's closing price of the Bharti Infratel stock on the National Stock Exchange.

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Nettle Infra Investments' stakeholding will decline to 3.18% from 7.67% (141.88 million shares) as of at the end of September 2017, stock exchange data showed. Late last month, Bharti Airtel said that a few "reputed" global investors had approached it for buying a controlling stake in Bharti Infratel, which, in turn, had just announced that it will explore acquiring more stake in joint venture Indus Towers.

Both Vodafone India and Idea as customers and ATC TIPL as a mobile network infrastructure provider have agreed to treat each other as long-term preferred partners, subject to existing arrangements.

New Delhi: The scrip of Bharti Infratel fell by over 4 per cent on Tuesday after Bharti Airtel said it has offloaded 83 million shares of its subsidiary for Rs 3,325 crore through secondary share sale.

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