Bharti airtel to sell 32 stake in bharti infratel

0

Bharti Airtel to sell 32 stakes in Bharti infratel

Bharti Airtel on Thursday decided to sell its 32 percent stake in tower firm Bharti Infratel, which will reduce its stake in the latter to 18.33 percent from 50.33 percent.

At Bharti Infratel’s closing price of Rs 261 a share on BSE on Thursday, Bharti Airtel can net around Rs 15,450 crore by selling the 32 percent stake. If the enterprise valuation of Infratel (post reverse merger of Indus Towers into it) at around $15 billion is taken into account, Bharti Airtel can generate around Rs 37,000 crore from its stake sale

 

The Bharti Airtel board, which met on Thursday, approved the sale/transfer of up to 591.87 million equity shares which translates into 32 percent stake it holds in Bharti Infratel to its wholly-owned arm Nettle Infrastructure Investments. The move is to explore monetization of its stake in Infratel in tranches as when the shareholders approve.

The company also named Badal Bagri as its new CFO, who will replace global CFO Nilanjan Roy.

Separately, the board appointed a special committee of directors to comprehensively explore evaluate various options of fund-raising for the company to strengthen its capital structure and balance sheet and place the final recommendation before the Board for its approval.

Bharti Airtel to sell 32 stakes in Bharti infratel

 

Share.

About Author

Leave A Reply