Bharti Infratel stock closes 5.36 percent higher post inter-se transfer of stake by Airtel
BT Online March 29, 2017
The Bharti Infratel stock closed higher on Wednesday after Bharti Airtel completed sale of 11.32 per cent stake in its mobile tower arm to its wholly owned subsidiary Nettle Infrastructure for Rs 6,806 crore.
"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 Infratel stock closed 5.36 percent higher at Rs 335 level on the BSE.
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.
Last week, Bharti Infratel had said Nettle Infrastructure Investment will acquire 21.63 per cent in the company from parent Bharti Airtel.
The Bharti Airtel stock closed 1.25 percent higher at Rs 344 level on the BSE.
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.