Airtel offloads Infratel shares for USD311m

27 Feb 2015

Indian cellco Bharti Airtel has raised INR19.25 billion (USD310.9 million) through the sale of 55 million shares in its mobile tower arm Bharti Infratel, reducing Airtel’s stake in the towerco from 74.85% to 71.9%, the Economic Times writes. The company said in a statement that the proceeds will be used primarily to reduce debt, but the paper adds that the funds will also help pay for the operator to renew its licences at the upcoming spectrum auction.

India, Bharti Airtel