Bharti Infratel shares fall as Airtel subsidiary sells stake

Bharti Infratel stock trading lower as Bharti Airtel sells 83 million shares for Rs 3,325 crore

The company sold the shares at Rs 400.60 a piece, which is 3.6% lower than Monday's closing price of the Bharti Infratel stock on the National Stock Exchange.

The sale was for a total consideration of over Rs 3,325 crore (USD 510 Million) and was executed at a price of Rs 400.6 per share, representing a discount of 3.6 percent to the previous day's closing price.

With this movement, the share price of Bharti Infratel tumbled by almost 4% on stock exchanges.

Bharti Airtel will primarily use the proceeds from this sale to reduce its debt. Global investors and fund managers are among those who bought the shares.

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Bharti Infratel, a subsidiary of Bharti Airtel deploys, owns and manages telecom tower communication structures. "Led by healthy investor appetite, the deal was up-sized by over 25%".

The shares were sold through the stock exchanges. As of September 2017, Airtel's consolidated debt stood at Rs. 91,480 crores.

Goldman Sachs, JP Morgan and UBS were joint placing agents.

Bharti Infratel dipped 4% to Rs 398 on the NSE in intra-day trade after more than five percentage point equity of the company changed hands through multiple block deals.

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