Bharti Airtel offloads Rs 33.25 billion stake in Bharti Infratel to pare debt

Bharti Airtel has divested 83 million shares of its subsidiary Bharti Infratel for Rs 33.25 billion through a secondary share sale in the stock market. The sale was executed at a price of Rs 400.60 per share, offering a discount of 3.6 per cent to the previous day’s closing price (November 13, 2017). Bharti Airtel is expected to use the proceeds from this sale primarily to pare its debt. The sale was carried out by Bharti Airtel via its wholly owned subsidiary, Nettle Infrastructure Investments. The allocation was done to global investors, fund managers and long-only funds, including many repeat investors. Further, the deal was upsized by over 25 per cent.