Airtel sells stake in Infratel ,raises Rs 3325 cr

Mumbai Nov 15: In a move to reduce the debt Bharathi Airtel has sold 83 million shares, of its subsidiary Bharti Infratel. The company has sold its shares in the stock market yesterday.This sale has fetched the company RS 3,325 crore.

The company has said that the amount raised would be used to reduce the debt and currently the stake of Airtel in Bharti Infratel has come down to 53.51 percent from 58 percent as of September 2017. Currently, the company owes a debt of Rs 91,480 crore.Infratel is a company which provides towers to the company.

Sources say that this sale is a part of the consolidated plan to raise the fund as the company has been facing losses with the entry of JIo.Currently, the Company has also launched a new plan to attract its customers and is mainly focussing on the expansion of the 4G network.