Bharti Airtel, a leading private sector telecom company, announced that the company has divested about 8,300 towers in seven African countries for a consideration of approx USD 1.7 billion.

The company said, "As on date we have completed the sale transactions in seven countries for approximately 8,300 towers representing close to 60% of the total tower base. The agreements have lapsed in four countries while the process is on in the remaining two countries."

"The total value of proceeds from all the concluded transactions in these seven countries is over USD 1.7 billion and it is being utilized for reducing the debt of the company," it said.

For the quarter ended June 30, 2015 the company's net debt stood at USD 10.69 billion.

The company added, "Tower sales and lease back shall continue to remain a strategic priority for the company in all its operating countries across Africa and accordingly the balance towers will also be disposed over time."

Shares of the company declined Rs 2, or 0.55%, to settle at Rs 361.70. The total volume of shares traded was 149,930 at the BSE (Tuesday).