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Airtel sells stake in Infratel

Anjana Das, New Delhi
08/08/2017   0 Comments

Bharti Airtel Limited has sold of 67.53 million shares of Bharti Infratel (3.6%stake) through a secondary share sale in the stock market raising over Rs  2,570 crore to pare its debt .
 
Airtel has a consolidated net debt of Rs 88,000 crore as on end of Q1 of FY18.
 
The 400-million dollar sale at BSE and NSE was executed at a price of Rs 380.6 per share, representing a discount of 0. 4% to the previous day’s closing price. The transcation was carried through its  wholly owned subsidiary, Nettle Infrastructure Investments Limited.
 
Bharti Airtel will primarily use the proceeds from this sale to reduce its debt. Following the closure of this transaction, Airtel and its wholly owned subsidiaries together have an equity holding of 58% in Bharti Infratel.
 
The allocation was done to global tower company investors, fund managers and long only funds, including many repeat investors.
 
UBS and J.P. Morgan were joint placement agents for the transaction. 

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