You are here: Home » Reuters » News
Business Standard

Bharti Airtel sells $508 million stake in tower arm Bharti Infratel


- Top Indian mobile carrier Ltd said on Tuesday it sold part of its holdings in mobile masts arm Ltd for 33.25 billion rupees ($507.52 million) in a bid to reduce debt.

Airtel's unit Nettle Infrastructure Investments Ltd sold 83 million shares in at 400.6 rupees each in stock market transactions, a discount of 3.6 percent to Monday's closing price.

Global investors, fund managers and long-only investors bought the shares, said, adding that the deal was upsized by more than 25 percent.

Following the sale, and its units own 53.5 percent of

J.P. Morgan, UBS and Goldman Sachs handled the share sale.

($1 = 65.5150 Indian rupees)

(Reporting by Vishal Sridhar in Bengaluru; Editing by Subhranshu Sahu)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 14 2017. 12:07 IST