Airtel plans to sell 3.7% stake in Bharti Infratel for Rs2,500 crore
Bharti Airtel will use the proceeds from the 3.7% stake sale in mobile tower arm Bharti Infratel, held through Nettle Infrastructure, to lower its debt
New Delhi: Bharti Airtel Ltd is learnt to be in process to offload 3.7% stake in Bharti Infratel Ltd for about Rs2,500 crore, people aware of the development said.
Bharti Airtel in March had transferred 11.32% stake in its mobile tower arm Bharti Infratel to its wholly- owned subsidiary Nettle Infrastructure at a value of around Rs6,806 crore.
“Airtel is in process of offloading 3.7% stake in Bharti Infratel held through Nettle Infrastructure. Expected amount is Rs2,550 crore. It will help the company lower its debt,” the people said.
No immediate comments were received from Bharti Airtel.
Bharti Airtel’s consolidated net debt at the end of June 2017 was Rs87,840 crore. Bharti Airtel and Nettle jointly hold 61.65% in Bharti Infratel. In March, Bharti Airtel sold 10.3% stake in its mobile tower arm to a consortium of KKR and Canada Pension Plan Investment Board for Rs6,193.9 crore.
Shares of Bharti Infratel closed at Rs397.9 a unit, down by 2.06% over previous close at BSE.
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