Bharti Airtel said it raised Rs 3,325 crore (USD 510 Million) by selling shares in its tower subsidiary.

It sold 83 mln shares at Rs 400.60 each. The price was at a discount of 3.6% to the previous day’s closing level.

Shares of Infratel opened down by about 4% today due to the deals done on Monday, and continued to be about 4.8% below their closing price yesterday.

Bharti Airtel will primarily use the proceeds from this sale to reduce its debt, the company said.

With this, the company’s stake in the tower operator has fallen to 53.51% in Bharti Infratel.

“The allocation was done to global investors, fund managers and long only funds, including many repeat investors. Led by healthy investor appetite, the deal was upsized by over 25%,” it said.

The shares were sold through the stock exchanges. J.P. Morgan, UBS and Goldman Sachs were joint placement agents for the transaction, it said.

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