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Airtel sells 10.3 per cent stake in Bharti Infratel for Rs 61.94 billion
Bharti Airtel has completed the secondary sale of a 10.3 per cent stake in its subsidiary Bharti Infratel Limited to a consortium of funds including private equity firm KKR and Canada Pension Plan Investments Board (CPPIB). The sale of over 190 million shares of Airtel in its subsidiary has been completed for Rs 61.94 billion.
Bharti Airtel reportedly plans to use the proceeds from the sale to reduce its debt. Following the closure of the transaction, Bharti Airtel’s equity holding in Bharti Infratel stands at 61.7 per cent, while that of KKR and CPPIB stand at 10.3 per cent.
Meanwhile, the transaction is KKR’s second investment in Bharti Infratel. Earlier, the firm had invested in Bharti Infratel during the 2008 to 2015 period.
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