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Bharti Telecom sells 2.75% stake in Airtel for INR 84 bln, to fully repay debt

2020-05-27 06:23:00| Telecompaper Headlines

(Telecompaper) Bharti Telecom, the promoter company of Indian operator Bharti Airtel, has sold a 2.75 percent stake in Bharti Airtel to institutional investors through an accelerated book building process in the secondary market. The allocation was done to over 50 accounts, with the top 10 getting two-thirds of the overall allocation. The total sale proceeds of over INR 84.33 billion (approximately USD 1.15 billion) was over-subscribed multiple times with a mix of all categories of investors, long only and hedge fund investors across geographies in India, Asia, Europe and the US, Bharti Telecom said. 

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