Bharti sells tower stake for `3,325 cr

Financial Chronicle - - COMPANIES -

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.

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