Bharti Airtel divests 8.3 crore shares of subsidiary Bharti Infratel

Bharti Infratel stock trading lower as Bharti Airtel sells 83 million shares for Rs 3,325 crore

Bharti Airtel on Tuesday said it has offloaded 83 million shares of its subsidiary Bharti Infratel for Rs3,325 crore through secondary share sale in the stock market.

Shares of Bharti Infratel fell almost 3 per cent, while those of parent Bharti Airtel rose over 1 per cent in Tuesday's trade amid reports that the latter had sold stake in the former via block deals.

Bharti Infratel, a subsidiary of Bharti Airtel deploys, owns and manages telecom tower communication structures.

Bharti Airtel did not disclose today's purchasers, except to say that they were global investors, fund managers and long-term funds. Nettle Infrastructure Investments Ltd, the wholly-owned unit of Airtel sold each share at Rs. 400.6 in stock market transactions at a discounted price of 3.6% compared to Monday's closing price. Airtel's consolidated debt stood at Rs 91,480 crore as on September 2017.

J.P. Morgan, UBS and Goldman Sachs were joint placement agents for the transaction.

Bharti Airtel has consistently said that it plans to reduce its stake in Bharti Infratel.

Yesterday, India's second and third largest telcos, Vodafone India and Idea Cellular sold their respective tower businesses to ATC Telecom Infrastructure Private (ATC TIPL) for an aggregate enterprise value of Rs 78.5 billion or $1.2 billion. Bharti Infratel and Vodafone India hold 42 per cent stake in Indus Towers and rest is held by Idea Cellular.

Nettle Infra Investments' stakeholding will decline to 3.18% from 7.67% (141.88 million shares) as of at the end of September 2017, stock exchange data showed.

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