Nettle Infra to buy 21.6% stake in Bharti Infratel | business-news | Hindustan Times
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Nettle Infra to buy 21.6% stake in Bharti Infratel

business Updated: Mar 21, 2017 12:48 IST
PTI
Nettle Infra

Bharti Airtel to sell 21.63% stake in Bharti Infratel to Nettle Infrastructure Investment Ltd.(REUTERS)

Mobile tower company Bharti Infratel today said Nettle Infrastructure Investment Ltd will acquire 21.63% stake in the company from parent Bharti Airtel on or after March 27.

Nettle Infrastructure, a wholly-owned subsidiary of Bharti Airtel, will buy 40 crore equity shares of Bharti Infratel from the parent for an estimated Rs 12,400 crore.

Nettle Infrastructure will acquire stake “at or around the market price prevailing on the date of acquisition, Bharti Infratel said in a BSE filing.

“The acquirer confirms that the acquisition price would not be higher by more than 25% of Rs 310.04 per share,” it added. At the price of Rs 310.04, the transaction would be worth Rs 12,400 crore.

On completion of transaction, Bharti Airtel’s stake in Infratel will come down to 50.33% from 71.96% at present.

Last week, Bharti Airtel said it has shelved plans to sell controlling stake in its mobile tower arm Bharti Infratel but has decided to monetise 21.63% equity in the company.

Shares of Bharti Infratel were trading 1% higher at Rs 311.85 per piece on BSE.