Bharti Airtel sells 83 million shares of its tower arm Bharti Infratel

The allocation was done to global investors fund managers and long-only funds including many repeat investors

The stock now trading at Rs 400.6, down by Rs 10.5 or 2.55% from its previous closing of Rs 411.1 on the BSE.

On the BSE, 1.12 lakh shares were traded on the counter so far as against the average daily volumes of 77.95 lakh shares in the past one quarter.

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Bharti Airtel on Tuesday made successful divestment of 83 million shares in it's subsidiary Bharti Infratel via it's another wholly-owned subsidiary Nettle Infrastructure Investments Limited.

The secondary share sale was executed at Rs 400.6 per share, representing 3.6 per cent discount to the previous day's closing price, Airtel said in a statement. Bharti Airtel will primarily use the proceeds from this sale to reduce its debt.

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Share sale was carried for a total consideration of over Rs 3,325 crore ($ 510 million) and was executed at price band of Rs 400.6 per share - which is at a discount of 3.6% of the previous day closing price.

The New Delhi-based Bharti Airtel, which had a debt of about ₹91,480 crore as of September end, has been monetising its stake in the tower firm to pare debt.

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Shares of Bharti Infratel fell almost 3 per cent, while those of parent Bharti Airtel rose over 1 per cent in Tuesday's trade amid reports that the latter had sold stake in the former via block deals. Global investors and fund managers are among those who bought the shares. Bharti Infratel settled 4.16 per cent down at Rs 394, whereas Bharti Airtel closed at Rs 497.70, down 0.07 per cent on Tuesday. JP Morgan, Goldman Sachs, and UBS were the joint agreements for the transaction.

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