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Bharti Airtel sells 10.3% stake in Bharti Infratel to KKR, Canada Pension

BT Online     March 28, 2017

Country's largest telco Bharti Airtel on Tuesday has sold 10.3% stake in Bharti Infratel to a consortium of KKR & Canada Pension Plan Investment Board (CPPIB) for Rs 6,194 crore.

The transaction has been done at a price of Rs 325 per share.

At 11:30 am, the Infratel stock was trading at Rs 318.45 per share.

Bharti Airtel will use the proceeds of the sale to reduce debt.

After the transaction, Bharti Airtel's stake in the Bharti Infratel stands at 61.7 percent and that of KKR & Canada Pension Plan Investment Board (CPPIB) at 10.3 percent.

Bharti Infratel is in the business of telecom tower infrastructure provider. It deploys, owns and manages towers and communications structures for all wireless operators.

Infratel has over 38,000 plus towers across 18 states and 11 telecom circles in India.

Bharti Airtel, Reliance Jio, Idea Cellular, Tata Teleservices, BSNL, Reliance Mobile among others are its key clients.

This transaction makes it KKR's second investment in Bharti Infratel. Previously, the funds managed by KKR had invested in Bharti Infratel in 2008-15. Post this transaction, the stake held by KKR and CPPIB (combined) will be the single-largest public shareholder block.


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