Bharti Airtel has raised Rs 21.4 billion by selling 4.5 per cent stake in tower unit, Bharti Infratel. The operator intends to use these funds to reduce the company?s debt, which stood at $9.6 billion as of quarter ended June 2014.
Bharti Airtel, which held 79.4 per cent stake in Bharti Infratel, sold 85 million shares through stock exchanges to reduce its stake to 74.86 per cent. The offer was oversubscribed 2.4 times, which enable Airtel to sell the shares at Rs 251.71 per share against the floor price Rs 250 per share.
The offer for share sale received response from investors in US, Asia, Europe and India. Meanwhile, Bank of America Merrill Lynch, UBS and JPMorgan were managers to the sale.
