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Airtel sells 3.65 per cent stake in Bharti Infratel, raises Rs 25.7 billion

August 08, 2017

Bharti Airtel has announced that it has divested 67.53 million shares or 3.65 per cent stake in Bharti Infratel to raise more than Rs 25.7 billion from the transaction.

The company stated that the proceeds from the sale will primarily be used to reduce its debt. According to the company filings, Bharti Airtel had Rs 878.4 million of net debt at the end of June 2017.

The company has stated that the stake was allocated to global tower company investors, fund managers and long only funds, including many repeat investors. UBS and JP Morgan were joint placement agents for the transaction.

Airtel also plans to monetise around 10 per cent stake held by its wholly-owned subsidiary Nettle Infrastructure in Bharti Infratel.

Earlier, in March 2017, Airtel sold a 10.3 per cent stake in the tower unit to a consortium of investors to raise Rs 61.93 billion which have been used to pare debt and deal with sector competition.

 
 

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