The sale was carried out by Airtel via its wholly-owned subsidiary, Nettle Infrastructure Investments.
Meanwhile, the S&P BSE Sensex was down 48.52 points or 0.15% at 32,985.04.
The secondary share sale was executed at Rs 400.6 per share, representing 3.6% discount to the previous day's closing price, Airtel said in a statement. The scrip had also outperformed the market in past one year, gaining 65.05% as against Sensex's 23.17% rise. Bharti Airtel shares advanced 1.26 per cent to Rs 504.35.
This transaction would fetch India's largest telecom operator by customers about Rs 3,325 crore ($510 million) excluding transaction costs and statutory levies, Bharti Airtel said in a stock exchange filing. The company sold the shares at Rs 400.60 a piece, which is 3.6% lower than Monday's closing price of the Bharti Infratel stock on the National Stock Exchange. "Led by healthy investor appetite, the deal was upsized by over 25%", the company said.
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Proceeds from this share sale will be utilized to reduce Bharti Airtel's total debt.
With this movement, the share price of Bharti Infratel tumbled by almost 4% on stock exchanges. Following the closure of this transaction, Bharti Airtel and its wholly-owned subsidiaries' stake in Bharti Infratel is at 53.51 per cent. JP Morgan, UBS and Goldman Sachs were joint placement agents for the transaction.
Bharti Airtel's consolidated net profit fell 63.7% to Rs 586.10 crore on 11.7% decline in net sales to Rs 21776.90 crore in Q2 September 2017 over Q2 September 2016.
Indian telecoms group Bharti Airtel Ltd has launched a sale of a 3.7 percent.
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