Mobile tower company Bharti Infratel today said Nettle Infrastructure Investment Ltd will acquire 21.63 per cent stake in the company from parent Bharti Airtel on or after March 27.
Nettle Infrastructure, a wholly-owned subsidiary of Bharti Airtel, will buy 40 crore equity shares 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 BSE filing.
"The acquirer confirms that the acquisition 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 transaction 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, Bharti Airtel 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.