Billionaire Mittal sells $952m stake in India tower unit

MUMBAI

Bharti Airtel Ltd. raised $952 million selling a stake in its tower unit as India’s largest carrier looks to pare debt as competition intensifies in the world’s second-largest smartphone market.

A group of investors led by KKR & Co. and Canada Pension Plan Investment Board bought over 190 million shares, or 10.3 per cent of Bharti Infratel Ltd, for Rs61.93 billion (Dh3.49 billion, $952 million), or Rs325 a share, Airtel said in a stock exchange filing. Airtel, controlled by billionaire Sunil Bharti Mittal, will use the proceeds to pare debt, it said in the statement.