Airtel’s Mauritius arm sells 2.3% stake in Helios Towers for Rs 347.5 crore

KOLKATA: Bharti Airtel’s Mauritius-based arm, Network i2i, has offered its 2.3% stake in Helios Towers for £36.9 million (Rs 347.5 crore approx), and the deal proceeds are seemingly for use to chop the telco’s debt additional.

Network i2i has offered 23.1 million shares in Helios Towers at £1.6 per unit, amounting to a 2.3% stake within the UK tower company.

At press time, Bharti Airtel didn’t reply to ET’s question. People conscious of the matter although mentioned the Helios stake sale proceeds could be used to retire Airtel’s debt.

Bharti Airtel’s consolidated web debt excluding lease obligations stood at Rs 88,251 crore within the quarter ended March.

Citigroup Global Markets and BofA Securities had been reportedly the joint bookrunners in relation to the providing.

The newest stake sale by a Bharti Airtel arm additionally comes on the heels of Bharti Telecom, the promoter firm of Bharti Airtel, elevating Rs 8,433 crore ($1.15 billion) final month by promoting a 2.75% stake within the telco to a number of world traders equivalent to Blackrock, Seganti Capital, Norges Bank and Key Square Capital, in addition to native fund homes equivalent to HDFC Mutual Fund and SBI Mutual Fund.

Back in February, Bharti Airtel had raised one other $250 million (Rs 1,800 crore) through its Mauritius arm by means of a perpetual bonds challenge that had acquired curiosity value over $1.5 billion from traders equivalent to Blackrock, Goldman Sachs, ValuePartners and UBS amongst others. Prior to that, it had raised $750 million (roughly Rs 5,400 crore) by means of Network i2i.

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