Airtel to sell more than 5% stake in telecom tower unit

Bharti Airtel will sell more than 5% stake in its tower arm Bharti Infratel through an open market block deal, CNBC TV18 reported citing sources.

Bharti Airtel owns a 71.7% stake in Bharti Infratel, and a 5% stake sale in the unit would be worth 37.48 billion rupees ($566.74 million) based on current valuations.

Airtel plans to use the sale proceeds to cut debt, the TV channel reported.

The report did not give a timeline for the planned sale.