Extending its downtrend for the second straight session, shares of Bharti Infratel fell by nearly 4 per cent today following reports that Airtel is looking to sell 5 per cent stake in the tower unit through an open market trade deal to raise about Rs 3,500-Rs 4,000 crore.
The stock ended the day at Rs 373.30, down 3.42 per cent on BSE. During the day, it dipped 4 per cent to Rs 370.90.
At NSE, it lost 3.75 per cent to close at Rs 371.85.
The stock had fallen 2.5 per cent in the previous session also.
Airtel has 71.70 per cent stake in Infratel.
The company plans to sell 5 per cent stake in Infratel, proceeds of which are likely to be used to cut debt, sources said.
When contacted, a company spokesperson declined to comment.
The net debt of Airtel stood at Rs 78,816 crore at the end of December 2015.
Ahead of the launch of Reliance Jio Infocomm, Airtel is aggressively expanding its 4G footprint. The company has already acquired 4G spectrum from Aircel and Videocon to become a pan-India player in the high-speed data services market.
