Airtel plans to sell 3.7 per cent stake in Bharti Infra for Rs 2500 cr
New Delhi: Bharti Airtel is learnt to be in process to offload 3.7 per cent stake in Bharti Infratel for about Rs 2,500 crore, sources aware of the development said.
Bharti Airtel in March had transferred 11.32 per cent stake in its mobile tower arm Bharti Infratel to its wholly- owned subsidiary Nettle Infrastructure at a value of around Rs 6,806 crore.
"Airtel is in process of offloading 3.7 per cent stake in Bharti Infratel held through Nettle Infrastructure. Expected amount is Rs 2,550 crore. It will help company lower its debt," the source said.
No immediate comments were received from Bharti Airtel. Bharti Airtel's consolidated net debt at the end of June 2017 was Rs 87,840 crore. Bharti Airtel and Nettle jointly hold 61.65 per cent in Bharti Infratel.
In March, Bharti Airtel sold 10.3 per cent stake in its mobile tower arm to a consortium of KKR and Canada Pension Plan Investment Board for Rs 6,193.9 crore. Shares of Bharti Infratel closed at Rs 397.9 a unit, down by 2.06 per cent over previous close at BSE.
