Bharti Airtel sells $508 million stake in tower arm Bharti Infratel

Mobile carrier Bharti Airtel Ltd said on Tuesday it sold part of its holdings in mobile masts arm Bharti Infratel Ltd for 33.25 billion rupees in a bid to reduce debt.

Mobile carrier Bharti Airtel Ltd said on Tuesday it sold part of its holdings in mobile masts arm Bharti Infratel Ltd for 33.25 billion rupees in a bid to reduce debt.

A Bharti Airtel office building is pictured in Gurugram, on the outskirts of New Delhi, India April 21, 2016. (Reuters File Photo)

Bharti Airtel’s unit Nettle Infrastructure Investments Ltd sold 83 million shares in Bharti Infratel at 400.6 rupees each in stock market transactions, a discount of 3.6 percent to Monday’s closing price.

Global investors, fund managers and long-only investors bought the shares, Bharti Airtel said, adding that the deal was upsized by more than 25 percent.

Following the stake sale, Bharti Airtel and its units own 53.5 percent of Bharti Infratel.

J.P. Morgan, UBS and Goldman Sachs handled the share sale.