New Delhi: Promoter firm Bharti Telecom has sold 2.75 per cent stake in Airtel to institutional investors in the secondary market, raising over ₹8,433 crore, the company said on Tuesday.
The sale proceeds will be fully utilised to repay debt at Bharti Telecom and will make the promoter holding company a 'debt free company', it said.
Bharti Group and Singtel will continue to hold a majority stake in Bharti Airtel at 56.23 per cent after the transaction, it added.
Announcing the closure of secondary block placement of Airtel shares, Bharti Telecom said that the issue 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 US. "Bharti