Bharti sells stake in tower biz for Rs 3,325 crore
BHARTI Airtel said on Tuesday that it has sold 83 million shares in its mobile tower subsidiary, Bharti Infratel, for over Rs 3,325 crore via stock market deal 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, Bharti Airtel said in a statement. 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 statement added. The consolidated debt of the Sunil Mittal-owned company was Rs 91,480 crore as on September 2017. It has been locked in a fierce tariff war with newcomer Reliance Jio.