At 12:23 PM; about 5.78 million equity shares representing 0.31% of total equity of Bharti Infratel changed hands on the BSE, the exchange data showed.
Between October 25 and October 27, in three trading sessions, nearly 95% of the total traded shares turned into delivery. The stock was down 7.5% during the period from Rs 453 to Rs 419. The names of buyers and sellers were not ascertained immediately.
“The board of directors of Bharti Infratel, in its meeting held on October 30, has decided to explore and evaluate the acquisition of a stake in one or more tranches in Indus Towers with the aim of making it a subsidiary or wholly owned subsidiary of Bharti Infratel,” the company said in a statement.
“The deal is expected to be in two stages – Bharti Infratel will buy a majority or 100% stake in Indus Towers for anything around $5 billion (the company is valued at $10-11 billion). In the second stage, KKR, which holds 10% in Bharti Infratel, will increase its stake as one of the largest shareholders. It is in talks with a consortium which includes Canada Pension Plan Investment Board and GIC of Singapore, among others, who will together take a substantial stake in Bharti Infratel,” the Business Standard report suggest quoting analysts. CLICK HERE TO READ FULL REPORT
At 01:56 PM; the stock was up 2% at Rs 440 on the BSE, as compared to 0.04% decline in the S&P BSE Sensex. A combined 9.72 million shares changed hands on the counter on the NSE and BSE so far.