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14 November 2017
| Alan Burkitt-Gray
Bharti Airtel has carried out its promise to sell $400 million worth of shares in its tower company, Bharti Infratel.
The mobile operator sold 83 million shares in the company
this morning, reducing its consolidated debt by 3.6%. It
increased the number of shares it was planning to sell by 25%,
According to details issued by Bharti Airtel, the company sold
the shares through its own holding company, Nettle
Infrastructure Investments, which had a 7.7% stake in Bharti
Infratel. The Bharti Airtel group separately owns 50.3% of
Bharti Airtel has consistently said that it plans to reduce its
stake in Bharti Infratel. In 2014 it said Bharti Infratel
wanted to buy Aircel and Vodafone India’s towers,
but this week Vodafone India and Idea Cellular – which
are merging – said they were selling their towers to
ATC of the US for $1.2 billion.
Bharti Airtel did not disclose today’s purchasers,
except to say that they were global investors, fund managers
and long-term funds.