Bharti Airtel eyes $1 billion from 25% stake sale in African unit

NEW DELHI: Bharti AirtelNSE -1.22 % plans to raise about $1 billion from the sale of atleast a 25% stake in its Africa subsidiary that will be listed on the London Stock Exchange. It plans to use the money raised to reduce debt and compete with Reliance Jio Infocomm in the Indian market.

“Immediately following admission (in the London Stock Exchange), the company intends to have a free float of at least 25% of the company’s issued share capital and expects that it would be eligible for inclusion in the FTSE UK indices,” the company saidin a release on Tuesday. “In addition, it is expected that up to a further 15% of the offer will be made available pursuant to the over-allotment option.”