Singapore/Mumbai: A unit of top Indian phone carrier Bharti Airtel Ltd will sell a stake worth about Rs2,617 crore ($400 million) in mobile masts operator Bharti Infratel Ltd on Tuesday, according to a deal term sheet.
Nettle Infrastructure Investments Ltd is offering to sell an about 3.5% stake in Bharti Infratel in a price range of Rs400 to Rs415.5 per share, the term sheet showed.
The price range is a nil to 3.7% discount to Bharti Infratel’s Monday closing price on the National Stock Exchange. The sale is scheduled to take place on Tuesday.
As of end-September, Nettle owned 7.7% of Bharti Infratel, while Bharti Airtel owned 50.3% of the tower operator. J.P. Morgan, UBS and Goldman Sachs are handling the share sale.