MUMBAI (Reuters) - Indian telecoms group Bharti Airtel Ltd has launched a sale of a 3.7 percent stake in tower arm Bharti Infratel Ltd for up to 25.52 billion rupees ($400 million), according to a deal term sheet.
Nettle Infrastructure Investments Ltd, a subsidiary of Bharti Airtel, is selling the Infratel 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, Bharti Airtel and Nettle together owned 61.65 percent of Bharti Infratel, stock exchange data showed.
Also Read
Bhart Airtel 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)
Disclaimer: No Business Standard Journalist was involved in creation of this content
