Bharti Airtel sells stake in Bharti Infratel for Rs3,325 crore
The sale was carried out by Bharti Airtel via its wholly-owned subsidiary Nettle Infrastructure Investments
New Delhi: Bharti Airtel on Tuesday said it has offloaded 83 million shares of its subsidiary Bharti Infratel for Rs3,325 crore through secondary share sale in the stock market.
Bharti Airtel, India’s largest telecom operator, will primarily use the proceeds from this sale to pare its debt, a company statement said. Airtel’s consolidated debt stood at Rs91,480 crore as on September 2017. Post the transaction, Bharti Airtel and its wholly owned subsidiaries together have an equity holding of 53.51% in tower company Bharti Infratel, it added.
The sale was carried out by Airtel via its wholly-owned subsidiary, Nettle Infrastructure Investments. Announcing the “successful divestment” of 83 million shares of subsidiary Bharti Infratel, the company said: “The sale was for a total consideration of over Rs 3,325 crore (USD 510 million) and was executed at a price of Rs 400.6 per share, representing a discount of 3.6 per cent to the previous day’s closing price.”
The allocation was done to global investors, fund managers and long-only funds, including many repeat investors, it said, adding that the deal was upsized by over 25%.
Editor's Picks »
- AU Small Finance Bank to raise Rs1,000 crore from Temasek to fuel growth
- HDFC Bank may rely on Indian market for $2.3 billion share sale
- Yes Bank gets Sebi nod for custodian of securities business
- Govt to meet fiscal deficit target of 3.3% despite being election year: Piyush Goyal
- Arun Jaitley hints at no cut in excise duty on petrol, diesel
- RBI wants banks to discipline Indian corporates on working capital
- For stressed power assets resolution, patience is the virtue for banks, govt
- Exide’s valuation zooms as it claws back market share lost to Amara Raja
- Trapped in mid-cap stocks? What investors should do
- TCS share buyback shows absurdities of India’s repurchase rules