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Tuesday, 8 August 2017

Bharti Infratel slips 4% after Airtel may have sold 3.7% stake in company via block deals

As of June 2017, Bharti Airtel and Nettle Infrastructure Investments held 50.33 percent and 11.32 percent in Bharti Infratel, respectively.

NSE TIPS, MCX COMMODITY TIPSBharti Infratel fell as much as 4.5 percent in morning Tuesday after its promoter Bharti Airtel might have sold 3.7 percent stake in the company in opening trade.

About 6.9 crore shares worth Rs 2,650 crore traded on exchanges at an average price of Rs 380 per share through block deals.

According to CNBC-TV18 reports on Monday, Bharti Airtel was likely to sell 3.7 percent in its telecom tower subsidiary Bharti Infratel to institutional investors.

The share sale was likely to happen at 0-5 percent discount to Monday's closing price.

Earlier this year, Bharti Airtel had conducted an inter-se transfer of its 11.32 percent stake in Bharti Infratel to its wholly-owned subsidiary Nettle Infrastructure. The 3.7 percent stake, which was likely sold, is from the portion that was parked with Nettle Infra.

The move is being seen as a step by Bharti Airtel to deleverage itself.

In March this year, the company sold 10.3 percent stake in Bharti Infratel to a consortium of entities, including KKR and CPPIB, to raise Rs 6,193.9 crore. The company said it was going to use the funds to ease its debt situation. NSE TIPS, MCX COMMODITY TIPS

As of June 2017, Bharti Airtel and Nettle Infrastructure Investments held 50.33 percent and 11.32 percent in Bharti Infratel, respectively.

At 09:44 hours IST, Bharti Infratel was trading at Rs 382.40, down 3.90 percent and Bharti Airtel was at Rs 419.75, up 0.49 percent on the BSE.
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