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Business News/ Companies / News/  Bharti Airtel raises Rs2,140 crore from Bharti Infratel share sale
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Bharti Airtel raises Rs2,140 crore from Bharti Infratel share sale

Bharti Airtel, which as of end-June owned 79.4% of Bharti Infratel, was selling up to 85 million shares, or an about 4.5% stake

The sale was covered 1.27 times at an indicative price of 251.71 rupees per share, stock exchange data showed. Photo: MintPremium
The sale was covered 1.27 times at an indicative price of 251.71 rupees per share, stock exchange data showed. Photo: Mint

Mumbai: Bharti Airtel Ltd, India’s top mobile phone carrier, on Thursday raised about 2,140 crore from a share sale in its unit Bharti Infratel Ltd to comply with a rule that requires listed companies to have a minimum 25% public shareholding.

Bharti Airtel, which as of end-June owned 79.4% of Bharti Infratel, was selling up to 85 million shares, or an about 4.5% stake, through the stock exchange.

The sale was covered 1.27 times at an indicative price of 251.71 rupees per share, stock exchange data showed.

Indian companies are riding on a surge in the stock market after a new government took power to raise funds by selling shares. Bharti Infratel, which went public in December 2012, had three years from the initial public offering date to pare its founders’ holding to 75%.

The fund-raising also helps Bharti Airtel, headed by billionaire Sunil Mittal, as it strives to cut its debt. The company, which had a net debt of $9.6 billion as of June, last month agreed to sell about a fifth of its telecom towers in Africa.

Last year it sold a 5% stake in the company for about $1.1 billion to a Qatari fund.

Bank of America Merrill Lynch, UBS and JPMorgan were brokers to the Bharti Infratel share sale.

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Published: 07 Aug 2014, 05:40 PM IST
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