Bharti Airtel on Tuesday said it has sold 6.75 crore shares, about 3.65 per cent stake, in its tower firm Infratel for Rs 2,570 crore.
The company sold part of Bharti Infratel equity held through its wholly-owned subsidiary Nettle Infrastructure Investments limited through a secondary share sale in the stock market, both at BSE and NSE.
“The sale was for a total consideration of over Rs 2,570 crore and was executed at a price of Rs 380.6 per share, representing a discount of 4 per cent to the previous day’s closing price,” Bharti Airtel said in a statement.
Bharti Airtel will use the amount realised from the transaction to lower its debt. The consolidated net debt has decreased to Rs 87,840 crore at the end of June 2017 from Rs 91,400 crore in the previous quarter.