Telecom operator Bharti Airtel has shelved plans to sell controlling stake in its mobile tower arm Bharti Infratel but has decided to monetise 21.63 per cent equity in the company.
"....The Board has at its meeting held on March 14, 2017 ...Decided not to monetise a controlling stake in Infratel for now," Bharti Airtel said in a regulatory statement.
The company has decided to sell or transfer 400 million shares to its wholly-owned subsidiary Nettle Infrastructure Investments Limited or to any potential investor.
"Instead, the Board has decided that the company undertake a sale/transfer of upto 400 million Infratel equity shares owned by company which is over and above a controlling stake in Infratel, in such tranche(s), at such time(s) and for such consideration as may be deemed fit to its wholly-owned subsidiary Nettle Infrastructure Investments Limited and/or to any other potential investor(s)," the statement added.
Bharti Airtel on October 25, 2016 had authorised a Committee of Directors to evaluate options for monetisation of a significant stake in Bharti Infratel.
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