Bharti Airtel sells 10.3% stake in tower unit to KKR, Canada Pension

Mumbai

INDIA'S Bharti Airtel said it sold a 10.3 per cent stake in its telecom tower unit Bharti Infratel to US private equity firm KKR & Co LP and Canada Pension Plan Investment Board (CPPIB) for more than 61.9 billion rupees (S$1.33 billion).

Bharti Airtel sold 190 million shares in Infratel to KKR and CPPIB at 325 rupees apiece, the country's top telecom operator said in a statement on Tuesday, adding that the funds will primarily be used to reduce its debt. The selling price was a 4 per cent premium to the share's closing price of 312.55 a share on Monday.