Bharti Airtel, India's largest telecommunications services provider, today announced the successful completion of the secondary sale of over 190 million shares of its subsidiary Bharti Infratel representing 10.3%, to a consortium of funds advised by KKR and Canada Pension Plan Investment Board (CPPIB) for a total consideration of over Rs 61.93 billion (approx. USD 951.6 million), executed at a price of Rs 325 per share.

Bharti Airtel will primarily use the proceeds from this sale to reduce its debt. Following the closure of this transaction, Bharti Airtel's equity holding in Bharti Infratel stands at 61.7%, and that of KKR and CPPIB at 10.3%.

Sunil Bharti Mittal, chairman, Bharti Airtel, said, "This investment by a consortium of marquee long-term investors underlines the confidence of the global investors in India's growth story and the government's Digital India initiative in particular. It further reinforces the positive outlook for the telecom infrastructure sector. The long-term investment horizon of the investors aligns well with the capital needs and business cycles of Bharti Infratel."

Shares of the company gained Rs 2.05, or 0.61%, to trade at Rs 340.65. The total volume of shares traded was 46,963 at the BSE (11.02 a.m., Tuesday).