According to details issued by Bharti Airtel, the company sold the shares through its own holding company, Nettle Infrastructure Investments, which had a 7.7% stake in Bharti Infratel.
In a statement to exchanges, Bharti Airtel said, "The allocation was done to global investors, fund managers and long only funds, including many repeat investors".More news: Blizzard confirms Overwatch will run at 4K on Xbox One X
Bharti Airtel and its subsidiaries now own 53.5% stake in Bharti Infratel. Indian telecom operators have been hit by the entry of Reliance Jio, which has been offering free voice calls and data at dirt-cheap prices.
Share sale was carried for a total consideration of over Rs 3,325 crore ($ 510 million) and was executed at price band of Rs 400.6 per share - which is at a discount of 3.6% of the previous day closing price.
J.P. Morgan, UBS and Goldman Sachs were joint placement agents for the transaction.More news: No Xbox One X Bundles will be released this holiday season
Telecom tower companies have been grabbing the headlines over the last few weeks.
Yesterday, India's second and third largest telcos, Vodafone India and Idea Cellular sold their respective tower businesses to ATC Telecom Infrastructure Private (ATC TIPL) for an aggregate enterprise value of Rs 78.5 billion or $1.2 billion. Bharti Infratel settled 4.16 per cent down at Rs 394, whereas Bharti Airtel closed at Rs 497.70, down 0.07 per cent on Tuesday. Both Vodafone and Idea Cellular are in the process of merger.
Airtel had, earlier this year, sold 10.3 per cent stake in Bharti Infratel to a consortium of KKR and Canada Pension Plan Investment Board for Rs 6,193.9 crore.More news: Nigeria's Senate gives go-ahead for $5.5 billion foreign borrowing
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