Bharti Airtel raises Rs 3,325 crore by selling stake in tower unit
NEW DELHI: Market leader Bharti Airtel Tuesday said it had raised INR 3,325 crore (USD 510 Million) by selling 83 million shares of its tower unit – Bharti Infratel – through Nettle Infrastructure Investments in a secondary share sale in the stock market, which it will use mainly to reduce debt.
The shares were sold at Rs 400.6 per share, representing a discount of about 3.6 per cent to the previous day’s closing price, India’s top telcos said in a statement.
Bharti Airtel was trading at Rs 499.50, up 0.30 per cent in early trade this morning from the previous close of Rs 498.50 on the Bombay Stock Exchange (BSE). The Bharti Infratel stock was down 3.4 per cent to Rs397.25 on BSE.
“The allocation was done to global investors, fund managers and long only funds, including many repeat investors. Led by healthy investor appetite, the deal was upsized by over 25 per cent,” the company said.
After the stake sale, Bharti Airtel and its wholly owned subsidiaries together hold 53.51 per cent in Bharti Infratel.
J.P. Morgan, UBS and Goldman Sachs were joint placement agents for the transaction.
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Via:: Economic Times – Stocks