Airtel tower deal raises more than $300M – Mobile World Live

Airtel tower deal raises more than $300M

26 FEB 2015

India’s largest operator Bharti Airtel raised $310 million through a secondary sale of shares in its towers unit Bharti Infratel, with the proceeds earmarked primarily for debt reduction.

This is not the first time the operator has chosen to offload a chunk of the same unit to raise cash.

It collected $349 million in a similar manouevre last summer, which was also used to pay down debt.

On this occasion, Airtel sold 55 million equity shares at INR350, which represents a discount of four per cent against Bharti Infratel’s 30-day average closing share price.

The sales represent three per cent of the total share capital of Bharti Infratel, and reduces Airtel’s take to 72 per cent.

Author

Richard Handford

Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including...

Read more

Related

Tags