India's Bharti Airtel has confirmed that it sold
shares in its publicly listed towers subsidiary to bring it into line
with stock exchange regulations.
Bharti Airtel owned 79.4 percent of Bharti Infratel, but stock market rules
require that at least 25 percent of the company is listed, forcing a sale by its
majority owner.
Bharti Infratel was listed in December 2012, and had three years from the IPO
date to reduce its promoters' holding to 75 percent.
The sale of the shares raised USD350 million for Bharti Airtel, but the sale
was priced at an 8 percent discount to the share price, driving it down by
nearly the same amount on the stock market.
No comments:
Post a Comment