New Delhi, Nov 14 (PTI) Bharti Airtel today said it hasoffloaded 83 million shares of its subsidiary Bharti Infratelfor Rs 3,325 crore through secondary share sale in the stockmarket.
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."The allocation was done to global investors, fundmanagers and long-only funds, including many repeat investors,it said, adding that the deal was upsized by over 25 per cent.
PTI MBIARD.
This is unedited, unformatted feed from the Press Trust of India wire.