Bharti Airtel Ltd.'s promoter firm Bharti Telecom plans to raise $1 billion via a stake sale to become debt free, according to a person aware of the development.
The promoter firm plans to dilute 2.75 percent stake with a floor price of Rs 558 per share through secondary placement.
"Bharti Telecom has roped in JP Morgan for raising $1 billion by selling 150 million equity shares at a price of Rs 558 percent per unit. It is a discount of six percent on closing price of Rs 593.2 apiece as on May 22," the person cited above told PTI.
The billion-dollar fundraising will Bharti Airtel's promoter debt free.
Bharti Telecom holds around 41 percent stake in Bharti Airtel, while foreign promoter entities own 21.46 percent stake. Public shareholders hold about 37 percent stake in the company.
Sunil Bharti Mittal and his family own around 52 percent stake in Bharti Telecom.
The deal is expected to close by Monday evening, the person said.
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