Tuesday, 21 November, 2017

Bharti Airtel sells down Infratel stock for Rp33bn

Bharti Airtel sells stake in tower arm Bharti Infratel for Rs 3,325 crore to reduce debt Bharti Airtel sells down Infratel stock for Rp33bn
Conrad Doyle | 14 November, 2017, 12:12

Bharti Airtel's unit Nettle Infrastructure Investments Ltd sold 83 million shares in Bharti Infratel at 400.6 rupees each in stock market transactions, a discount of 3.6 percent to Monday's closing price.

Till 10:33 AM; around 113.79 million equity shares representing 6% of total equity of Bharti Infratel changed hands on the NSE, the exchange data shows.

With this movement, the share price of Bharti Infratel tumbled by almost 4% on stock exchanges. At 1401 hours, the company's stock was trading at Rs 400.20 per piece down by Rs 11 or 2.65% on BSE. Global investors and fund managers are among those who bought the shares.

An official statement from Airtel said the company will be looking to reduce the debt. "Led by healthy investor appetite, the deal was upsized by over 25%", the company further added. Its debt stood at Rs 91,480 crore at the end of September, PTI reported.

Following the closure of this transaction, Bharti Airtel and its wholly owned subsidiaries together have an equity holding of 53.51 percent in Bharti Infratel.

Shares of BHARTI AIRTEL LTD. was last trading in BSE at Rs.498.05 as compared to the previous close of Rs. 501.8.

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