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Bharti Airtel Raises $350 Million from Tower Sale

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India's Bharti Airtel has confirmed that it sold shares in its publicly listed towers subsidiary to bring it into line with stock exchange regulations.

Bharti Airtel owned 79.4 percent of Bharti Infratel, but stock market rules require that at least 25 percent of the company is listed, forcing a sale by its majority owner.

Bharti Infratel was listed in December 2012, and had three years from the IPO date to reduce its promoters' holding to 75 percent.

The sale of the shares raised USD350 million for Bharti Airtel, but 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.

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Tags: bharti airtel  bharti infratel  India