Bharti Enterprises may use Airtel stake sale proceeds to fund BT purchase

Promoter group entity sells 0.84% share in telco for Rs 8,485 crore

The promoters of Bharti Enterprises will use the proceeds of the latest stake sale in Bharti Airtel to refinance loans taken to acquire a 24.5 per cent equity stake in British Telecom (BT) last year, multiple sources close to the development told Business Standard.

 

On Tuesday, Indian Continent Investment Limited (ICIL), a promoter-group entity of Bharti Airtel sold 0.84 per cent of its stake in the telecom operator. The 5.11 crore shares in Airtel were sold through a market transaction, for an aggregate amount of ₹8,485.11 crore, the telco said in an exchange filing.

 

Bharti Global, the international investment arm