Airtel’s Mauritius arm sells 2.3% stake in Helios Towers for Rs 347.5 crore

Kolkata: Bharti Airtel’s Mauritius-based arm, Network i2i, has sold its 2.3% stake in Helios Towers for £36.9 million (Rs 347.5 crore approx), and the deal proceeds are likely to be used to cut the telco’s debt further.

Network i2i has sold 23.1 million shares in Helios Towers at £1.6 per unit, amounting to a 2.3% stake in the UK tower company.

At press time, Bharti Airtel did not respond to ET’s query. People aware of the matter though said the Helios stake sale proceeds would be used to retire Airtel’s debt.

Bharti Airtel’s consolidated net debt excluding lease obligations stood at Rs 88,251 crore in the quarter ended March.