Bharti Airtel will offload a 2.4 per cent stake in its subsidiary, Bharti Infratel, to raise Rs 11.25 billion. The operator will sell 45 million equity shares of Bharti Infratel with face value of Rs 10 on the Bombay Stock Exchange and the National Stock Exchange. The announced price floor on the shares is Rs 250 per share, which is a 7.7 per cent discount to the previous day?s closing traded price. The company may sell further 400 million shares if the investors show significant interest. The additional amount of Rs 11 billion from the sale will increase the total fund raising to Rs 21.25 billion.
The shares will be allocated on price priority basis, with fourth quarter share reserved for allocation to the mutual funds.
Bharti Airtel owned 79.4 per cent stake in Bharti Infratel as of June 2014. Bharti Infratel had earlier raised Rs 31.65 billion through its initial public offering in 2012.
