Airtel plans to sell 3.7% in Bharti Infratel for Rs 2,500 crore

An advertisement for Bharti Infratel Limited's initial public offering (IPO) is seen posted on a wall as a roadside vendor selling magazines and newspapers waits for customers in New Delhi. (Photo: Reuters)

Bharti Airtel is learnt to be in the process to offload a 3.7 per cent stake in Bharti Infratel for about Rs 2,500 crore, sources aware of the development said. 

Bharti Airtel in March had transferred an 11.32 per cent stake in its mobile tower arm Bharti Infratel to its wholly owned subsidiary Nettle Infrastructure at a value of around Rs 6,806 crore. “Airtel is in process of offloading a 3.7 per cent stake in Bharti Infratel held through Nettle Infrastructure. The expected amount is Rs 2,550 crore. It will help company lower its debt,” the source said.

No immediate comments were received from Airtel. Its consolidated net debt at the end of June 2017 was Rs 87,840 crore. Bharti Airtel and Nettle jointly hold 61.65 per cent in Bharti Infratel. 

Shares of Bharti Infratel closed at Rs 397.9 a unit, down 2.06 per cent over the previous close on BSE.

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