Bharti Airtel sells part of Infratel stake

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Leading telecom carrier Bharti Airtel on Tuesday said it had offloaded 83 million shares of its subsidiary Bharti Infratel for Rs 3,325 crore through secondary share sale in the stock market.

An official statement from Airtel said the company will be looking to reduce the debt. The allocation was done to 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.

Bharti Airtel and its wholly owned subsidiaries now hold an equity of 53.51 per cent in Bharti Infratel following the closure of this transaction.

The New Delhi-based Bharti Airtel, which had a debt of about ₹91,480 crore as of September end, has been monetising its stake in the tower firm to pare debt.

The price range is a nil to 3.7% discount to Bharti Infratel's Monday closing price on the National Stock Exchange.

Bharti Airtel Ltd, India's largest telecom operator by customers, on Tuesday. According to BSE data, the promoters' holding in the tower infrastructure company stood at 58 per cent as on September 2017. JP Morgan, Goldman Sachs, and UBS were the joint agreements for the transaction.

With this movement, the share price of Bharti Infratel tumbled by almost 4% on stock exchanges.

Both Vodafone India and Idea as customers and ATC TIPL as a mobile network infrastructure provider have agreed to treat each other as long-term preferred partners, subject to existing arrangements.

Where Infratel share price saw selling pressure, Bharti Airtel's stock price remained positive trading at Rs 499.05 up 0.20% on BSE.

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