Indian industry shift helps Bharti Infratel block

Bharti Airtel sold another stake in its tower business on the back of the dynamic changes in India's telecommunications sector, raising $402 million despite muted ECM conditions.

India’s largest telecommunications company Bharti Airtel sold a small chunk of its stake in tower subsidiary Bharti Infratel late on Monday, raising Rp25.6 billion $402 million to help fund increased capital spending this year as it battles with increased competition at home.

New Delhi-headquartered Bharti Airtel sold 67.5 million shares, or 3.7% of Bharti Infratel’s existing share capital, through its investment vehicle Nettle Infrastructure Investments, leaving both with a combined 58% stake in the tower company. It is the second time this year that Bharti Airtel has divested a stake in its tower business, having sold a 10.3% stake to Canada Pension Plan Investment...

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