Bharti Airtel subsidiary selling stake in Bharti Infratel for up to $400 million
Indian telecoms group Bharti Airtel Ltd has launched a sale of a 3.7 percent stake in tower arm Bharti Infratel Ltd for up to 25.52 billion rupees ($400 million), according to a deal term sheet.
Nettle Infrastructure Investments Ltd, a subsidiary of Bharti Airtel, is selling the Infratel shares in a price range of 378 rupees to 397.85 rupees each, the term sheet said.
The lower end of the price range is a 5 percent discount to the stock`s closing price on Monday.
JPMorgan and UBS are managing the share sale.
As of end-June, Bharti Airtel and Nettle together owned 61.65 percent of Bharti Infratel, stock exchange data showed.
Bhart Airtel did not immediately respond to a request for comment.
($1 = 63.8300 rupees)
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