India's largest telecom operator Bharti Airtel announced that it sold over 83 million shares of its tower arm Bharti Infratel, worth Rs 3, 325 crores ($510 million). "Led by healthy investor appetite, the deal was up-sized by over 25%".
In a statement to exchanges, Bharti Airtel said, "The allocation was done to global investors, fund managers and long only funds, including many repeat investors".
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An official statement from Airtel said the company will be looking to reduce the debt.
The price range is a nil to 3.7% discount to Bharti Infratel's Monday closing price on the National Stock Exchange.
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.
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The sale was carried out by Airtel via its wholly-owned subsidiary, Nettle Infrastructure Investments.
Bharti Airtel's consolidated net profit fell 63.7% to Rs 586.10 crore on 11.7% decline in net sales to Rs 21776.90 crore in Q2 September 2017 over Q2 September 2016. According to BSE data, the promoters' holding in the tower infrastructure company stood at 58 per cent as on September 2017.
Bharti Airtel shares closed flat, at ₹498.05, on the BSE, which ended down 0.28 per cent on Tuesday.
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J.P. Morgan, UBS and Goldman Sachs were joint placement agents for the transaction.