Airtel sells 4.49% stake in Infratel, raises Rs 3,325

The sale was done by Airtel via a wholly-owned subsidiary, Nettle Infrastructure Investments

Bharti Airtel has divested 83 million shares, comprising 4.49 per cent stake, in tower subsidiary Bharti Infratel to raise Rs 3,325 crore.

This is to primarily be used to pare debt as the country’s largest telecom operator by market share tries to strengthen itself to fight competition from Reliance Jio and the Idea-Vodafone combine.

This is the third such sale of shares by Airtel in its tower unit this year. It wants the money to deleverage its balance sheet and invest in infrastructure to upgrade its fourth-generation technology (4G) capability. Consolidated debt as on end-September was Rs 91,480 crore.

After the latest transaction,