Bharti Infratel shares gain over 5 pc

Shares of Bharti Infratel went up by over 5 per cent after Bharti Airtel completed sale of 11.32 per cent stake in the mobile tower firm to its wholly-owned subsidiary Nettle Infrastructure for Rs 6,806 crore.
The stock gained 5.36 per cent to end at Rs 335.85 on BSE. Intra-day, it soared 6.79 per cent to Rs 340.40.
On NSE, shares of the company moved up by 5.71 per cent to close at Rs 336.85.
Shares of Bharti Airtel also rose by 1.25 per cent to end at Rs 344.90 on BSE.
"The company has today completed an inter-se transfer of 11.32 per cent stake (2,09,416,643 shares) in Bharti Infratel to Nettle Infrastructure Investments Ltd, a wholly-owned subsidiary of the company," Bharti Airtel said in a BSE filing.

The consideration received from stake sale is Rs 6,806 crore.

Post the inter-se transfer, Bharti Airtel will hold 50.33 per cent while Nettle will hold 11.32 per cent in Bharti Infratel. The remaining 38.35 per cent will be held by public and other shareholders.
Bharti Airtel yesterday said it has sold 10.3 per cent stake in its mobile tower arm Bharti Infratel to a consortium of KKR and Canada Pension Plan Investment Board for Rs 6,193.9 crore.
Airtel will use the proceeds from this sale primarily to reduce debt, it had said.