Airtel sells 6.7 crore shares in subsidiary Bharti Infratel for over Rs 2570 crores

Telecom major Airtel on Tuesday said it has sold 6.7 crore shares in its subsidiary Bharti Infratel for over Rs 2,570 crore. The sale was done for 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. Bharti Airtel via its wholly owned subsidiary Nettle Infrastructure Investments divested 67.53 million shares of its subsidiary Bharti Infratel through a secondary share salein the stock market.

"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," the statement said. UBS and JP Morgan were joint placement agents for the transaction.