Bharti Airtel $348.8m block sees strong demand

Indian mobile phone carrier was able to exercise an upsize option in an accelerated block of its towers business unit.

Investors continue to flock to India with Bharti Airtel becoming the latest company to tap the country’s equity capital markets.

Bharti Airtel, the country’s top mobile phone carrier, offloaded a 5% stake in its towers business unit Bharti Infratel in an accelerated block trade and raised Rs21,395 billion $348.8 million.

Books opened Thursday afternoon in India, with Bharti Airtel initially aiming to sell 45 million shares in Bharti Infratel, but strong demand from global institutional investors allowed the company to exercise the full upsize option and sell 85 million shares in total, a banker close to the deal told FinanceAsia. Allocations were finalised Friday...

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