Bharti Telecom sells 2.75% Airtel stake, raises Rs 8,433 cr

New Delhi, May 26 (IANS) Bharti Telecom has sold 2.75 per cent stake in Bharti Airtel to institutional investors through an accelerated book building process in the secondary market, raising Rs 8,433 crore.The allocation was done to over 50 accounts with the top 10 getting two-third of it, Bharti Telecom said in a statement, here on Tuesday. The sale proceeds would be used to repay promoter holding company's debt, it said.Bharti Group and Singtel, as Bharti Airtel's largest shareholders, remain committed to the business and long-term prospects of Bharti Airtel, it said."The strong and wide response received from a diverse mix of investors across geographies, even during challenging global macro-economic conditions, shows the competitive strength and the long-term prospects of Bharti Airtel," said Harjeet Kohli, Group Director, Bharti Enterprises. "On the back of such a strong demand from international and domestic investors, the amount raised was increased to $1.15 billion," he said.
--IANS rrb-sn/pcj