Bharti Airtel selling up to $415 million in shares of tower unit

Company is selling Bharti Infratel's shares at an indicative price band of 350-360 rupees a share

Bharti Airtel, India's biggest mobile phone operator by users, is raising as much as $415 million through the sale of shares in mobile tower unit Bharti Infratel, two sources directly involved in the process told Reuters.

The base size of the offering is $315 million with an option to raise it by another $100 million, said the sources, who declined to be named as the details of the offering was not public yet.

Bharti Airtel is selling Bharti Infratel's shares at an indicative price band of 350-360 rupees a share, the sources said.

Shares in Bharti Infratel ended up 0.7% at 372.30 rupees ahead of the share sale on Wednesday.

 

Bank of America Merrill Lynch and UBS are the bankers to the issue, said the sources.