Bharti Airtel to Sell Over 5% Stake in Telecom Tower Unit: Report

Mumbai: Bharti Airtel will sell more than 5 per cent stake in its tower arm Bharti Infratel through an open market block deal, CNBC TV18 reported citing sources.

Bharti Airtel owns a 71.7 per cent stake in Bharti Infratel, and a 5 per cent stake sale in the unit would be worth Rs 3,748 crore ($566.74 million) based on current valuations.

Airtel plans to use the sale proceeds to cut debt, the TV channel reported.

The report did not give a timeline for the planned sale.