Bharti Infratel slips on buzz of KKR stake sale plan

Bharti Infratel fell 3.28% to Rs 299.60 at 11:58 IST on BSE on reports that a US-based private equity fund Kohlberg Kravis Roberts is planning to sell its entire stake in the telecom tower firm.

Meanwhile, the BSE Sensex was down 107.71 points, or 0.40%, to 26,982.71.

On BSE, so far 1.95 lakh shares were traded in the counter, compared with an average volume of 1.62 lakh shares in the past one quarter.

The stock hit a high of Rs 311.50 and a low of Rs 296.40 so far during the day. The stock hit a record high of Rs 321.55 on 18 September 2014. The stock hit a 52-week low of Rs 149 on 29 October 2013.

The stock had outperformed the market over the past one month till 19 September 2014, rising 17.11% compared with 2.53% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 24.37% as against Sensex's 7.49% rise.

The large-cap company has an equity capital of Rs 1890.28 crore. Face value per share is Rs 10.

According to reports, Kohlberg Kravis Roberts and Co. (KKR) is set to launch a share sale that could raise about $230 million as it exits Bharti Infratel six years after investing, taking advantage of a sharp rebound in the valuations of the telecom tower company.

The share sale will be via block deals on the stock exchanges, reports added.

As on 30 June 2014, KKR Towers Company Mauritius held 4.50 crore equity shares, or 2.38% equity, of Bharti Infratel.

Shares of Bharti Infratel were listed on stock exchanges on 28 December 2012. On debut, the stock settled at Rs 191.20 on BSE, a discount of 13.09% over the initial public offer price of Rs 220 per share. Selling gathered momentum and the stock slumped to a record low of Rs 126.05 on 28 August 2013.

Bharti Infratel's after consolidated net profit surged 29.4% to Rs 462.80 crore on 6.6% growth in total income to Rs 2959.90 crore in Q1 June 2014 over Q1 June 2013.

Bharti Intratel is India's leading provider of tower and related infrastructure and it deploys, owns and manages telecom towers and communication structures, for various mobile operators.

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