New Delhi, Nov 14 (PTI) The scrip of Bharti Infratel fell

by over 4 per cent today after Bharti Airtel said it has

offloaded 83 million shares of its subsidiary for Rs 3,325

crore through secondary share sale.

The scrip went down by 4.16 per cent to settle at Rs 394

on BSE. During the day, it lost 4.64 per cent to Rs 392.

On NSE, shares of the company dipped 4.46 per cent to end

at Rs 396.95.

Shares of Bharti Airtel ended flat at Rs 497.70, down

0.07 per cent.

Bharti Airtel, India’s largest telecom operator, will

primarily use the proceeds from this sale to pare its debt, a

company statement said.

Airtel’s consolidated debt stood at Rs 91,480 crore as on

September 2017.

Post the transaction, Bharti Airtel and its wholly owned

subsidiaries together have an equity holding of 53.51 per cent

in tower company Bharti Infratel, it added.

The sale was carried out by Airtel via its wholly-owned

subsidiary, Nettle Infrastructure Investments.

Announcing the “successful divestment” of 83 million

shares of subsidiary Bharti Infratel, the company said: “The

sale was for a total consideration of over Rs 3,325 crore (USD

510 million) and was executed at a price of Rs 400.6 per

share, representing a discount of 3.6 per cent to the previous

day’s closing price.”

This is published unedited from the PTI feed.