Bharti Airtel is reportedly planning to sell more than 5% stake in its tower arm Bharti Infratel through an open market block deal. The company owns a 71.7% stake in Bharti Infratel, and a 5% stake sale in the unit would be worth $566.74 million based on current valuations. Consequently, the company plans to use the sale proceeds to reduce its debt.
Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. Headquartered in New Delhi, India the company ranks amongst the top 5 mobile service providers globally in terms of subscribers.
