Bharti Airtel has divested 83 million shares of its telecom tower subsidiary Bharti Infratel through a secondary share sale in the stock market for Rs. 3,325 crore.

The sale, done through its wholly-owned subsidiary Nettle Infrastructure Investments, was executed atRs. 400.6 per share. This represents a discount of about 3.6 percent to the previous day’s closing price, the company said in a statement.

The allocation was done to global investors, fund managers and long only funds, including many repeat investors. Led by healthy investor appetite, the deal was upsized by over 25 percent.

Airtel will primarily use the proceeds from this sale to reduce its debt. Following the closure of this transaction, Bharti Airtel and its wholly-owned subsidiaries together have an equity holding of 53.51 percent in Bharti Infratel.

J.P. Morgan, UBS and Goldman Sachs were joint placement agents for the transaction.

At about 12.30 pm, Bharti Airtel shares were trading 0.24 percent or Rs. 1.20 higher at Rs. 499.25 on the BSE. Bharti Infratel shares were trading down 3.10 percent or Rs. 12.75 at Rs. 398.35. – The Hindu Business Line