Bharti Airtel has successfully divested 55 million shares of its subsidiary Bharti Infratel through a secondary share sale in the stock market (NSE, BSE) for a total consideration of Rs 1,925 crore amounting approximately $310 million.
Post the transaction, the telecom major’s equity holding in Bharti Infratel stands at 71.9%. The company will use the proceeds primarily to reduce debt. Bank of America Merrill Lynch and UBS were brokers to the transaction.
The overall demand was for $440 Million (1.42 times base deal size) across USA, Europe and Asia and the shares were allocated at Rs 350 per share. The allocation were done to global tower company investors, fund managers and long only funds, including many repeat investors.
Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers.
