BHARTI AIRTEL UNIT TO SELL STAKE IN BHARTI INFRATEL

Singapore/Mumbai, Nov. 13: A unit of Indian phone carrier Bharti Airtel will sell a stake worth about `26.17 billion ($400 million) in mobile masts operator Bharti Infratel on Tuesday, according to a deal term sheet.

Nettle Infrastructure Investments is offering to sell an about 3.5 per cent stake in Bharti Infratel in a price range of `400 rupees to `415.5 per share, the term sheet showed.

The price range is a nil to 3.7 per cent discount to Bharti Infratel’s Monday closing price on the NSE.

The sale is scheduled to take place on Tuesday.

As of end-September, Nettle owned 7.7 per cent of Bharti Infratel, while Bharti Airtel owned 50.3 per cent of the tower operator.