Airtel to sell 32% stake in Bharti Infratel, may pocket over Rs 18K cr

Airtel to sell 32% stake in Bharti Infratel, may pocket over Rs 18K cr

New Delhi, Mar 12: Bharti Infratel said that Airtel will shed its stake in the tower company from 50.33 per cent to 18.33 per cent. Nettle Infrastructure Investments Ltd, a wholly owned subsidiary of Airtel, will buy a 32 per cent stake in the telecom tower company.
At the current stock price, Airtel will receive around Rs 18,851 crore (INFRATEL: Rs 318.5 at 11:06 am IST) from the sale of 591,874,639 equity shares.
The transaction will be done at the stock price of the company on the day of the buy, a company filing said.
However, in accrdance with Sebi regulations, it can’t be more than Rs 362.45, which is 25 per cent more than the average price of the stock in 60 days prior to the transaction.
As such, Airtel will sell 591,874,639 equity shares to Nettle for not more than Rs 21,452 crore.
Last year, Bharti Airtel sold an 11.32 per cent stake in its mobile tower arm Bharti Infratel for Rs 6,806 crore.
Bharti Airtel transferred its 25 per cent stake in DTH arm Bharti Telemedia to Nettle Infrastructure Investments, as per a regulatory filing.