Bharti sells tower stake for `3,325 cr
BHARTI Airtel said that it has sold 83 million shares in its mobile tower subsidiary, Bharti Infratel, for over Rs 3,325 crore via stock market deal on Tuesday and will use the proceeds to pare debts. The secondary share sale was executed at Rs 400.6 per share, representing 3.6 per cent discount to the previous day's closing price, Airtel said.
The buyers included global investors, fund managers and long-only funds, including many repeat investors, it said, adding that the deal was upsized by over 25 per cent given "healthy investor appetite".
"Bharti Airtel will primarily use the proceeds from this sale to reduce its debt," the firm in a statement. The consolidated debt of the Sunil Mittalowned company was Rs 91,480 crore as on September 2017.