Bharti Infratel shares down over 4 pc as Airtel sells stake

The scrip of Bharti Infratel fell by over 4 per cent today after Bharti Airtel said it has offloaded 83 million sharesof its subsidiary for Rs 3,325 crore through secondary share sale.
The scrip went down by 4.16 per cent to settle at Rs 394 on BSE. During the day, it lost 4.64 per cent to Rs 392.
On NSE, shares of the company dipped 4.46 per cent to end at Rs 396.95.
Shares of Bharti Airtel ended flat at Rs 497.70, down 0.07 per cent.
Bharti Airtel, India's largest telecom operator, will primarily use the proceeds from this sale to pare its debt, a company statement said.

Airtel's consolidated debt stood at Rs 91,480 crore as on September 2017.

Post the transaction, Bharti Airtel and its wholly owned subsidiaries together have an equity holding of 53.51 per cent in tower company Bharti Infratel, it added.
The sale was carried out by Airtel via its wholly-owned subsidiary, Nettle Infrastructure Investments.
Announcing the "successful divestment" of 83 million shares of subsidiary Bharti Infratel, the company said: "The sale was for a total consideration of over Rs 3,325 crore (USD 510 million) and was executed at a price of Rs 400.6 per share, representing a discount of 3.6 per cent to the previous day's closing price.