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Bharti Infratel slips after Bharti Airtel sells stake

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Bharti Infratel fell 3.62% to Rs 383.50 at 12:05 on after announced successful completion of secondary share sale in Bharti Infratel.

made the announcement during trading hours today, 8 August 2017. Shares of were up 0.07% at Rs 418.

Meanwhile, the S&P Sensex was down 182.95 points, or 0.57% to 32,090.72.

On the BSE, 8.53 crore Bharti Infratel shares were traded in the counter so far, compared with average daily volumes of 1.35 lakh shares in the past one quarter. The stock had hit a high of Rs 389 and a low of Rs 378.50 so far during the day. The stock hit a 52-week high of Rs 439 on 19 July 2017. The stock hit a 52-week low of Rs 283.10 on 31 January 2017.

The stock had underperformed the market over the past one month till 7 August 2017, falling 1.50% compared with 2.91% rise in the Sensex. The scrip had outperformed the market in past one quarter, rising 8.88% as against Sensex's 7.82% rise. The scrip had underperformed the market in past one year, rising 4.39% as against Sensex's 14.52% rise.

The large-cap company has equity capital of Rs 1849.61 crore. Face value per share is Rs 10.

Bharti Airtel via its wholly owned subsidiary, Nettle Infrastructure Investments (Nettle), today, 8 August 2017, announced the successful divestment of 6.75 crore shares of its subsidiary Bharti Infratel through a secondary share sale in the stock market (NSE, BSE). The sale was for a total consideration of over Rs 2570 crore (over $400 million) and was executed at a price of Rs 380.60 per share, representing a discount of 4.35% to Bharti Infratel's previous day's closing price of Rs 397.90.

Bharti Airtel said it will primarily use the proceeds from this sale to reduce its debt. Following the closure of this transaction, Bharti Airtel and its wholly owned subsidiaries together have an equity holding of 58% in Bharti Infratel, compared with 61.65% held earlier (as on 30 June 2017). The allocation was done to global tower company investors, fund managers and long only funds, including many repeat investors. UBS and J.P. Morgan were joint placement agents for the transaction.

On a consolidated basis, net profit of Bharti Infratel declined 12.21% to Rs 663.90 crore on 9.66% rise in net sales to Rs 1593.40 crore in Q1 June 2017 over Q1 June 2016.

Bharti Infratel is a provider of tower and related infrastructure sharing services.

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

First Published: Tue, August 08 2017. 12:06 IST