Telecom operator Bharti Airtel on Tuesday said it had sold part of its stake in mobile tower arm Bharti Infratel for Rs 3,325 crore in a bid to reduce its debt. Global investors and fund managers are among those who bought the shares.
The company sold 8.3 crore shares of Bharti Infratel through another subsidiary, Nettle Infrastructure Investments Limited, in the stock market, the company said in a filing to the stock exchanges. The company sold the shares at Rs 400.60 a piece, which is 3.6% lower than Monday’s closing price of the Bharti Infratel stock on the National Stock Exchange.
Bharti Airtel and its subsidiaries now own 53.5% stake in Bharti Infratel. The company has been gradually divesting its stake in the tower arm in order to pare some of its debt. Its debt stood at Rs 91,480 crore at the end of September, PTI reported.