Telecom operator Bharti Airtel on Thursday said it has raised ₹1,925 crore by selling nearly 3 per cent stake in its tower unit, Bharti Infratel.
The company has divested 55 million shares of Bharti Infratel through a secondary share sale in the stock market (NSE, BSE), which means Airtel’s equity holding in Bharti Infratel stands at 71.9 per cent now, from 74.85 per cent in December, it said. Airtel will use these proceeds primarily to reduce debt, it said, adding “the allocation was done to global tower company investors, fund managers and long-term funds, including many repeat investors”.
“An overall demand of $440 million (1.42 times of base deal size) across the US, Europe and Asia was seen. The allocation was at ₹350 a share, a discount of 3.7 per cent to last 30-day average closing price,” it added.