Zee Media Bureau
Mumbai: Telecom operator Bharti Airtel will sell more than 5 percent stake in its tower arm Bharti Infratel through an open market block deal, as per media report.
A CNBC TV18 report said that the sale proceeds would be used by Airtel to cut its debts.
Bharti Airtel owns a 71.7 percent stake in Bharti Infratel, and a 5 percent stake sale in the unit would be worth Rs 3,748 crore approximately based on its current valuations.
Further details are awaited.
Bharti Infratel today reported 12 percent jump in net profit to Rs 565 crore for the quarter ended December 31 on "aggressive" rollout of 3G and 4G networks by mobile operators.