Airtel to reportedly sell more than 5% stake in telecom tower unit
Bharti Airtel owns a 71.7% stake in Bharti Infratel, and a 5% stake sale in the unit would be worth `37.48 billion based on current valuations
Mumbai: Bharti Airtel will sell more than 5% stake in its tower arm Bharti Infratel through an open market block deal, CNBC TV18 reported citing sources.
Bharti Airtel owns a 71.7% stake in Bharti Infratel, and a 5% stake sale in the unit would be worth ₹ 37.48 billion ($566.74 million) based on current valuations.
Airtel plans to use the sale proceeds to cut debt, the TV channel reported.
The report did not give a timeline for the planned sale. Reuters
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!