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India's largest telecom operator Bharti Airtel announced that it sold over 83 million shares of its tower arm Bharti Infratel, worth Rs 3, 325 crores($510 million).
The sale was for a total consideration of over Rs 3,325 crore ($510 Million) and was executed at a price of Rs. 400.6 per share, representing a discount of
3.6 percent to the previous day's closing price. The allocation was done to global investors, fund managers and long-only funds, including many repeat investors. Led by healthy investor appetite, the deal was upsized by over 25 percent.
"Bharti Airtel will primarily use the proceeds from this sale to reduce its debt. Following the closure of this transaction, Bharti Airtel and its wholly owned subsidiaries together have an equity holding of 53.51 percent in Bharti Infratel.," the company said in a filing to the Bombay Stock Exchange.
It came after Vodafone India and Idea Cellular Limited ("Idea") have separately agreed to sell their respective standalone tower businesses in India to ATC Telecom Infrastructure Private Limited ("ATC TIPL", formerly Viom) for an aggregate enterprise value of Rs 78.5 billion (US$1.2 billion)
The standalone tower businesses of Vodafone India and Idea are pan-Indian passive telecommunication infrastructure businesses, comprising a combined portfolio of approximately 20,000 towers with a combined tenancy ratio of 1.65x as at 30 June 2017.
The idea will sell its entire stake in ICISL and Vodafone India will sell a business undertaking to ATC TIPL.
Both Vodafone India and Idea as customers and ATC TIPL as a mobile network infrastructure provider have agreed to treat each other as long-term preferred partners, subject to existing arrangements. The parties will work together to further the expansion of high-speed mobile networks in India.