Categories: Business

Bharti Telecom sold 2.75 percent stake in Airtel for Rs 8,433 crore, company will reduce its debt burden

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Bharti Airtel promoter to sell stake worth $ 1 billion in block deal

new Delhi. Bharti Telecom has sold 2.75 percent stake in Airtel to institutional investors for Rs 8,433 crore. The company gave this information on Tuesday. The company said that the entire money received from this sale will be used to repay debt to Bharti Telecom and with this the company will become a fully debt-free company.

According to the statement issued by the company, after this deal, Bharti Group and Singtel will continue to own a majority stake of 56.23 per cent in Bharti Airtel. Bharti Airtel, announcing the completion of Airtel's shares said that the issue was subscribed manifold and investors across all categories showed interest, including investors from India, Asia, Europe and the US.

According to the statement, Bharti Telecom Limited, the promoter company of Bharti Airtel Limited, has sold 2.75 percent stake of Bharti Airtel to institutional investors through the book building process in the secondary market. Bharti Telecom has raised Rs 8,433 crore through this sale.

The company said a number of existing and new shareholders participated in the stake sale, including global mutual funds, sovereign wealth funds, multi-strategy funds and domestic institutional investors. With this sale, Bharti Airtel will become a completely debt-free company, which will also improve the company's credit profile.

This post was published on May 27, 2020 1:53 am

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