New Delhi: Bharti Airtel on Tuesday mentioned it has offloaded 83 million shares of its subsidiary Bharti Infratel for Rs three,325 crore via secondary share sale within the inventory market.
Bharti Airtel, India’s largest telecom operator, will primarily use the proceeds from this sale to pare its debt, an organization assertion mentioned.
Airtel’s consolidated debt stood at Rs 91,480 crore as on September 2017.
Publish the transaction, Bharti Airtel and its wholly owned subsidiaries collectively have an fairness holding of 53.51 p.c in tower firm Bharti Infratel, it added.
The sale was carried out by Airtel by way of its wholly-owned subsidiary, Nettle Infrastructure Investments.
Saying the “profitable divestment” of 83 million shares of subsidiary Bharti Infratel, the corporate mentioned: “The sale was for a complete consideration of over Rs three,325 crore ($510 million) and was executed at a value of Rs 400.6 per share, representing a reduction of three.6 p.c to the day before today’s closing value.”
The allocation was executed to international buyers, fund managers and long-only funds, together with many repeat buyers, it mentioned, including that the deal was upsized by over 25 p.c.