MUMBAI: Bharti Airtel via its wholly owned subsidiary Nettle Infrastructure Investments divested 67.53 million shares of its subsidiary Bharti Infratel through a secondary share sale in the stock market.
The sale was for a total consideration of Rs 2,570 crore and was executed at a price of Rs 380.6 per share, a 4 per cent discount to previous day’s closing price. “Bharti Airtel will primarily use the proceeds from this sale to reduce its debt,” the company said in a statement.
“Following the closure of this transaction, Bharti Airtel and its wholly owned subsidiaries together have an equity holding of 58 per cent in Bharti Infratel,”statement added. UBS and JP Morgan were joint placement agents for the transaction. (AGENCIES)
Follow our WhatsApp channel
