You are here: Home » PTI Stories » National » News
Business Standard

Nettle Infra to buy 21.6 pc stake in Bharti Infratel

Press Trust of India  |  New Delhi 

Mobile tower company Bharti Infratel today said Nettle Infrastructure Investment Ltd will acquire 21.63 per cent stake in the company from parent on or after March 27.

Nettle Infrastructure, a wholly-owned subsidiary of Bharti Airtel, will buy 40 crore equity of Bharti Infratel from the parent for an estimated Rs 12,400 crore.

Nettle Infrastructure will acquire stake "at or around the market price prevailing on the date of acquisition, Bharti Infratel said in a filing.

"The acquirer confirms that the price would not be higher by more than 25 per cent of Rs 310.04 per share," it added. At the price of Rs 310.04, the would be worth Rs 12,400 crore.

On completion of transaction, Bharti Airtel's stake in Infratel will come down to 50.33 per cent from 71.96 per cent at present.

Last week, said it 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.

of Bharti Infratel were trading 1 per cent higher at Rs 311.85 per piece on

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 21 2017. 11:57 IST