New Delhi, May 25 (PTI) Bharti Airtel promoter firm Bharti Telecom plans to raise USD 1 billion through equity sale to become debt free, according to a source aware of the development.

The promoter firm Bharti Telecom plans to dilute 2.75 per cent stake with floor price of Rs 558 per share through secondary placement.

Also Read | Realme Smart TV With Android Support Launched in India at Rs 12,999; First Sale on June 2 at 12PM Via Flipkart & Realme.com.

"Bharti Telecom has roped in JP Morgan for the raising USD 1 billion by selling 150 million equity shares at a price of Rs 558 per cent per unit. It is a discount of six per cent on closing price of Rs 593.2 apiece as on May 22," the source told PTI.

The USD 1 billion raise will make the promoter of Bharti Airtel debt free.

Also Read | Realme Watch With Real-Time Heart Rate Monitoring Launched in India at Rs 3,999; First Sale on June 5 Via Flipkart & Realme Website.

Bharti Telecom holds around 41 per cent stake in Bharti Airtel, while foreign promoter entities own 21.46 per cent stake in the telecom firm. Public shareholders have around 37 per cent stake in the company.

Sunil Bharti Mittal and his family own around 52 per cent stake in Bharti Telecom.

The deal is expected to close by this evening, the source said.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)