Bharti Airtel sells stake in Bharti Infratel for Rs3,325 crore

Bharti Airtel sells stake in tower arm Bharti Infratel for Rs 3,325 crore to reduce debt

Bharti Airtel sells stake in tower arm Bharti Infratel for Rs 3,325 crore to reduce debt

Sensex was trading down 0.3% around the same time.

On the BSE, 1.12 lakh shares were traded on the counter so far as against the average daily volumes of 77.95 lakh shares in the past one quarter.

The stock hit an intraday high of Rs. 506 and intraday low of 496.

The 83 million share sale, which is aimed at reducing debt, involved a secondary market transaction and took place at Rs 400.6 apiece. Face value per share is Rs 5.

Leading telecom operator, Bharti Airtel on Tuesday announced that it sold over 83 million shares of its tower arm Bharti Infratel, which are worth Rs. 3,325 crores ($510 million).

With this movement, the share price of Bharti Infratel tumbled by almost 4% on stock exchanges. The proceeds from this sale will be used to pare its debt, the company said in a BSE filling.

According to a term sheet seen by ET, India's top telco was planning to sell 65.43 million shares, or 3.5 per cent in Bharti Infratel, in the price band of Rs 400 to Rs 415.5 a share, or at a maximum 3.7 per cent discount to the stock's last closing price on the National Stock Exchange (NSE). However, the deal was "upsized by over 25% led by healthy investor appetite", the company said.

Bharti Airtel's consolidated net profit fell 63.7% to Rs 586.10 crore on 11.7% decline in net sales to Rs 21776.90 crore in Q2 September 2017 over Q2 September 2016.

After today's share sale, the stake of Bharti Airtel and its wholly-owned subsidiaries in Bharti Infratel would come down to 53.51%.

Indian telecoms group Bharti Airtel Ltd has launched a sale of a 3.7 percent.

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