Bharti Airtel raises Rs 19.25 billion by selling 55 million shares of Bharti Infratel

The shares were sold at a price of Rs 350 each. Bharti Airtel appointed Bank of America Merrill Lynch and UBS for completing this deal. The proceeds of this sale are likely to be used to reduce the company’s debt. 

As of December 2014, Bharti Airtel held 1415 million shares in Bharti Infratel which is equivalent to a 74.85 per cent stake in the tower company. After this sale, Bharti Airtel holds 71.9 per cent stake in Bharti Infratel.

Recently, a US-based private equity fund, Kohlberg Kravis Robertsand Company sold its 10 million shares in Bharti Infratel through a block trade,raising around Rs 3.65 billion.