Bharti Airtel Divests 6.7 Crore Shares Of Bharti Infratel For Over Rs 2,570 Crore
The sales was for a total consideration of over Rs 2,570 crore and was executed at a price Rs 380.6 per share, informed the company in an official statement
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Indian telecommunications company Bharti Airtel Ltd, via its wholly owned subsidiary Nettle Infrastructure Investments Ltd, on Tuesday (8 August) has announced the successful divestment of 67.53 million shares of its subsidiary Bharti Infratel Ltd through a secondary share sales in the stock market.
The sales was for a total consideration of over Rs 2,570 crore and was executed at a price Rs 380.6 per share, informed the company in an official statement.
Bharti Airtel will primarily use the proceeds from this sale to reduce its debt. Following the closure of this transaction, Bharti Airtel and its wholly owned subsidiaries together have an equity holding of 58 per cent in Bharti Infratel.
The allocation was done to global tower company investors, fund managers, and long only funds, including many repeat investors. UBS and JP Morgan were joint placement agents for the transaction.