Bharti sells stake in Bharti Infratel for Rs 3325 cr

Alfred Osborne
November 14, 2017

This transaction would fetch India's largest telecom operator by customers about Rs 3,325 crore ($510 million) excluding transaction costs and statutory levies, Bharti Airtel said in a stock exchange filing.

"The allocation was done to global investors, fund managers and long only funds, including many repeat investors", Airtel said, adding led by healthy investor appetite, the deal was upsized by over 25 percent.

With this movement, the share price of Bharti Infratel tumbled by almost 4% on stock exchanges. The sale was executed at a price of Rs 400.6 per share, representing a discount of 3.6% to the previous day's closing price.

Transaction does not fall with the purview of Related Party Transactions.

Honor V10 to launch in China on November 28
Earlier, the Honor V10 had received 3C approval in China which also suggests that the Honor V10 would be arriving soon in China. The Honor 7X smartphone has a combo of 16MP+2MP lenses on the primary camera department, though the selfie snapper is of 8MP.

Sweet news! Bengal granted Geographical Indication status for Rosogolla, says Mamata Banerjee
This matter came to the headlines when the Odisha government talked of getting Geographical Identity (GI) tag for Rasgulla. West Bengal and Odisha have been engaged in a legal battle over the origin of the syrupy Rosogolla since 2015.

Tesco merger with Booker gets provisional approval from CMA
The competition regulator has provisionally cleared Hertfordshire-based Tesco's £3.7bn deal to buy wholesaler Booker. At the end of June, the companies requested a "fast track" referral to the next stage of the investigation.

Top Indian mobile carrier Bharti Airtel Ltd said on Tuesday it sold part of its holdings in mobile masts arm Bharti Infratel Ltd for 33.25 billion rupees ($507.52 million) in a bid to reduce debt. Airtel's consolidated debt stood at Rs 91,480 crore as on September 2017.

Bharti Infratel, a subsidiary of Bharti Airtel deploys, owns and manages telecom tower communication structures. Net worth of Infratel was at Rs 9,141.3 crore in FY17.

Shares of Bharti Infratel fell over 3.5% after about 8.32 crore shares or 4.5% equity changed hands on the NSE. The total number of shares traded during the day was 231460 in over 3157 trades.

Other reports by

Discuss This Article