Bharti Infratel shares fall as Airtel subsidiary sells stake

Lloyd Doyle
November 14, 2017

The trade, executed through Bharti Airtel's wholly-owned subsidiary Nettle Infrastructure Investments, comprised 83m secondary shares.

Till 10:33 AM; around 113.79 million equity shares representing 6% of total equity of Bharti Infratel changed hands on the NSE, the exchange data shows.

Shares of Infratel opened down by about 4% today due to the deals done on Monday, and continued to be about 4.8% below their closing price yesterday.

Bharti Airtel will primarily use the proceeds from this sale to reduce its debt, the company said.

Global investors, fund managers and long-only investors bought the shares, Bharti Airtel said, adding that the deal was upsized by more than 25 percent.

Bharti Infratel, a subsidiary of Bharti Airtel deploys, owns and manages telecom tower communication structures. Its debt stood at Rs 91,480 crore at the end of September, PTI reported.

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. JP Morgan, Goldman Sachs, and UBS were the joint agreements for the transaction. The total number of shares traded during the day was 231460 in over 3157 trades.

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