Bharti Airtel’s Mauritius-based arm, Network i2i, has sold its 2.3 percent stake in Helios Towers for GBP 36.9 million (around Rs 347.5 crore), and the deal proceeds are likely to be used to cut the company’s debt further.
Network i2i has sold 23.1 million shares in Helios Towers at GBP 1.6 per unit, amounting to 2.3 percent stake in the UK tower company.
The latest stake sale by a Bharti Airtel arm also comes against the backdrop of Bharti Telecom, the promoter company of Bharti Airtel, raising Rs 8,433 crore (USD 1.15 billion) in May 2020 by selling 2.75 percent stake in the telco to multiple global investors such as Blackrock, Seganti Capital, Norges Bank and Key Square Capital, besides local fund houses such as HDFC Mutual Fund and SBI Mutual Fund.