Bharti Airtel has managed to get $349.6 million out of the sale of the sale of their stakes in its Infrared branch. The sale undertaken to comply with a rule that requires listed companies to have a minimum 25 percent public shareholding.
The telecommunications company initially has 79.4 percent, which was against the stock market rules which require that the company to have 25 percent which lead them to sell the majority sales.
The sale of the shares raised $350 million for Bharti Airtel. However, 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.
The sales has helped Airtel to reduce some of its debts, it had a net debt of $9.6 as of June this year. Last month the company agreed to sell about a fifth of its telecoms towers in Africa.
Bharti Infratel was listed in December 2012, and had three years from the IPO date to reduce its promoters’ holding to 75 percent.