Bharti Telecom sells 2.75% stake in Airtel, raises ₹8,433 cr

New Delhi: Bharti Telecom Limited, the promoter company of Bharti Airtel, has on Tuesday sold 2.75% stake in Bharti Airtel to institutional investors through an accelerated book building process in the secondary market. The allocation was done to over 50 accounts with top 10 getting two-thirds of the overall allocation.

“The total sale proceeds of over ₹8,433 crore ($1.15 billion) was over-subscribed multiple times with healthy mix of all categories of investors, long only and hedge fund investors across geographies in India, Asia, Europe and the United States of America (US). The stake sale was anchored by several existingand new shareholders and several marquee global mutual fund complexes, sovereign wealth funds, multi-strategy funds and domestic institutional investors in sizable quantities,” Bharti Telecom said in a statement.

Bharti Group and Singtel will continue to own a majority stake in Bharti Airtel at 56.23 %, even after the transaction.