Bharti Airtel is in discussions to divest its 3.7% for an estimated amount of Rs 2,500 in Bharti Infratel.
This is not the first time that Bharti Airtel telecom major is selling its own stake, in March the company also diluted its 11.3% stakeholding for Rs 6,806 crore amount in Bharti Infratel for its subsidiary Nettle Infrastructure.
Airtel is in process of offloading a 3.7 per cent stake in Bharti Infratel held through Nettle Infrastructure. The expected amount is Rs 2,550 crore. It will help the company lower its debt, the source aware about the development said.
Total net debt of the company in the first quarter was Rs 87,840 crore. Bharti Airtel and Nettle mutually cling to 61.65% stake in Bharti Infratel.
There was a decline of 2% than the previous close of shares of Bharti Infratel. The closing price is Rs 397.9 per share on BSE.