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.

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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.

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