Bharti Airtel plans to sell more than 5 percent stake in its tower arm Bharti Infratel through an open market block deal.

In Bharti Infratel, Bharti Airtel owns a 71.7 percent stake and a 5 percent stake sale in the unit would be worth 37.48 billion rupees ($566.74 million) based on current valuations.

The company is planning to use the sale proceeds to cut debt.

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