Airtel Sells Stake in InfraTel

Bharti Airtel has offloaded a 10.3 per cent stake in its tower infrastructure arm Bharti Infratel for Rs 6,193.9 crore to a consortium of global private equity firms KKR and Canada Pension Plan Investment Board (CPPIB).

With this, KKR has returned as an investor in Bharti Infratel. It had earlier invested in Bharti Infratel in 2007 but subsequently divested in public markets in three tranches between December 2012 and June 2015, making returns of around 1.5 times.

Bharti Airtel announced completing secondary sale of over 190 million shares of its subsidiary Bharti Infratel, executed at a price of Rs 325 per share. The proceeds from the sale would enable it to cut its debt of Rs 97,395 crore as on December 31, 2016.