Helios Towers slumps after Network i2i sells entire stake

Helios Towers was under the cosh on Thursday after Network i2i, a wholly-owned subsidiary of Bharti Airtel, sold 23.1m shares - its entire stake - in the telecom tower infrastructure company.

The shares, which represent around 2.3% of Helios’ issued ordinary share capital, were sold in a placing at 160p each, raising gross proceeds of £36.9m.

Citi acted as joint bookrunner in connection with the offering, along with Bank of America Securities.

Helios will not receive any proceeds from the placing.

At 0810 BST, the shares were down 6.1% at 169.00p.