Bharti Telecom sells 2.8 per cent stake to become debt free company

NEW DELHI: Bharti Telecom Limited has sold 2.75 per cent stake in Bharti Airtel to institutional investors for Rs 8,433 crore through book building process in the secondary market. The telecom giant said on Tuesday that the proceeds would be used to turn the company debt free.“The sale proceeds of over Rs 8433 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,” the company said.

Bharti Group and Singtel, who form the promoter group, will continue to own a majority stake in Bharti