New Delhi: Bharti Telecom has sold 2.75 per cent stake in Bharti Airtel to institutional investors through an accelerated book-building process in the secondary market, raising Rs 8,433 crore.Also Read - Bharti Airtel Slips Into Red; Posts Rs 5,237 Crore Loss For January-March Quarter
The allocation was done to over 50 accounts with the top 10 getting two-third of it, Bharti Telecom said in a statement, here on Tuesday. Also Read - Telecom Operators Repay AGR Dues in Part After SC Order, Bharti Airtel Worst Hit With Debt of Rs 10,000 cr
The sale proceeds would be used to repay promoter holding company’s debt, it said. Also Read - Bharti Airtel CEO Gopal Vittal Wishes Vodafone Idea Stays to Ensure 3 Player Market
Bharti Group and Singtel, as Bharti Airtel’s largest shareholders, remain committed to the business and long-term prospects of Bharti Airtel, it said.
“The strong and wide response received from a diverse mix of investors across geographies, even during challenging global macro-economic conditions, shows the competitive strength and the long-term prospects of Bharti Airtel,” said Harjeet Kohli, Group Director, Bharti Enterprises.
“On the back of such a strong demand from international and domestic investors, the amount raised was increased to $1.15 billion,” he said.