Airtel gets Rs 2,570 crore from Infratel stake sale

Deal was done through wholly owned subsidiary Nettle Infrastructure Investments

As it aims to take on Reliance Jio and reduce its debt, Airtel, the country’s top mobile telephone operator, has sold 67.53 million shares in its tower subsidiary, Bharti Infratel, for Rs 2,570 crore.
 
This March, it had sold 10.3 per cent stake in Infratel for Rs 6,190 crore. The latest sale was through wholly owned subsidiary, Nettle Infrastructure Investments, through a secondary share sale, at Rs 380.6 a share.
 
The proceeds will primarily be for reducing its debt, Rs 87,840 crore at end-June. After this transaction, Bharti Airtel and its wholly owned subsidiaries together have equity holding