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Bharti Infratel shares down over 4 pc as Airtel sells stake

Press Trust of India  |  New Delhi 

The scrip of Bharti Infratel fell by over 4 per cent today after 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 During the day, it lost 4.64 per cent to Rs 392.

On NSE, of the company dipped 4.46 per cent to end at Rs 396.95.

of 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, 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

Announcing the "successful divestment" of 83 million 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.

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

First Published: Tue, November 14 2017. 17:42 IST