Shares of Bharti Airtel jumped over 2 percent intraday on Wednesday on reports that it is going to split its Africa tower business sale on a country-by-country basis.
The telecom giant is looking at a valuation of roughly $1.8 billion for the Africa tower business, and first on the list, will be the Nigeria towers, CNBC-TV18 reports.
The valuation of the Nigeria towers is pegged at around$500-550 million. The proceeds from the sale will be used to pare off Bharti’s huge Rs 60,000 crore debt.
The market had been anticipating this sale for quite some time. Bharti was not getting the right valuation for its towers.
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