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Bharti Airtel, the country’s largest telecom operator by subscribers, will sell a 3.7 per cent stake in its tower unit, Bharti Infratel, to institutional investors.
The company aims to raise about ₹2,552 crore ($400 million) through the sale, which will open on Tuesday.
Bharti Airtel will sell 67.5 million shares in Bharti Infratel at a 5 per cent discount to Monday’s closing price, sources said. The shares will be sold in a ₹378-398 price band, according to the term sheet of the deal.
When contacted, a Bharti Airtel spokesperson declined to comment. Nettle Infrastructure Investments Ltd, a unit of Bharti Airtel, is selling the shares.
Bharti Airtel holds a 50.33 per cent stake in the tower company, while Nettle’s stake is about 11.32 per cent.
Airtel’s move is an attempt to pare its net debt, which stood at ₹87,840 crore as of June end.
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