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Bharti Airtel subsidiary selling stake in Bharti Infratel for up to $400 mln - term sheet

Reuters  |  MUMBAI 

(Reuters) - Indian telecoms group Ltd has launched a sale of a 3.7 percent in tower arm Ltd for up to 25.52 billion rupees ($400 million), according to a deal term sheet.

Nettle Infrastructure Investments Ltd, a subsidiary of Airtel, is selling the 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, and Nettle together owned 61.65 percent of Infratel, stock exchange data showed.

Bhart did not immediately respond to a request for comment.

($1 = 63.8300 rupees)

(Reporting by S. Anuradha of IFR; Additional reporting by Sankalp Phartiyal; Writing by Devidutta Tripathy. Editing by Jane Merriman)

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

First Published: Mon, August 07 2017. 19:13 IST