New Delhi, Nov 14 (PTI) The scrip of Bharti Infratel fellby over 4 per cent today after Bharti Airtel said it hasoffloaded 83 million shares of its subsidiary for Rs 3,325crore through secondary share sale.
The scrip went down by 4.16 per cent to settle at Rs 394on BSE. During the day, it lost 4.64 per cent to Rs 392.
On NSE, shares of the company dipped 4.46 per cent to endat Rs 396.95.
Shares of Bharti Airtel ended flat at Rs 497.70, down0.07 per cent.
Bharti Airtel, India's largest telecom operator, willprimarily use the proceeds from this sale to pare its debt, acompany statement said.
Airtel's consolidated debt stood at Rs 91,480 crore as onSeptember 2017.
Post the transaction, Bharti Airtel and its wholly ownedsubsidiaries together have an equity holding of 53.51 per centin tower company Bharti Infratel, it added.
The sale was carried out by Airtel via its wholly-ownedsubsidiary, Nettle Infrastructure Investments.
Announcing the "successful divestment" of 83 millionshares of subsidiary Bharti Infratel, the company said: "Thesale was for a total consideration of over Rs 3,325 crore (USD510 million) and was executed at a price of Rs 400.6 pershare, representing a discount of 3.6 per cent to the previousday's closing price." PTI SUMSBT.
This is unedited, unformatted feed from the Press Trust of India wire.