Nettle Infra Investment to acquire stake in Bharti Infratel
Bharti Infratel on Tuesday said that Nettle Infrastructure Investment will acquire some stake in the company from Bharti Airtel on or after March 27, 2017.
Nettle Infrastructure is a wholly-owned subsidiary of Airtel.
Bharti Airtel will transfer 40 crore equity shares to Nettle which would total upto 21.63% of its share capital in Infratel.
On completion of transaction, Bharti Airtel's stake in Infratel will be 50.33 with 930,898,728 crore equity shares.
Presently, in Infratel - Airtel holds 71.96% stake with 1,330,898,728 equity shares, while Nettle holds 21.63% and remaining 28.04% belongs to public shareholders.
On March 15, Airtel had said that its board of directors has decided not to monetise a controlling stake in Infratel for now. The board has decided to undertake a sale/transfer up to 40 crore Infratel equity shares owned by Bharti Airtel to Nettle.
Shares of Bharti Airtel were trading at Rs 347.50 per piece on BSE, down by 0.56%.
Bharti Infratel's shares rose 1%, trading at Rs 311.85 per piece.