Bharti Infratel shares fall on block deals, Airtel up 1%

Bharti Airtel completes share sell in tower arm for Rs 3,325 crore Infratel plunges by 4

Shares of Bharti Infratel fell after reports said Bharti Airtel's subsidiary Nettle Infrastructure sold Infratel stake worth Rs 3,325 crore.

Shares of Bharti Infratel fell almost 3 per cent, while those of parent Bharti Airtel rose over 1 per cent in Tuesday's trade amid reports that the latter had sold stake in the former via block deals.

The company sold 8.3 crore shares of Bharti Infratel through another subsidiary, Nettle Infrastructure Investments Limited, in the stock market, the company said in a filing to the stock exchanges. Global investors and fund managers are among those who bought the shares.

Like other incumbent operators, the country's largest telecom company has been locked in a fierce tariff war with newcomer Reliance Jio in the mobile telephony market. Following the closure of this transaction, Bharti Airtel and its wholly owned subsidiaries together have an equity holding of 53.51% in Bharti Infratel.

Infratel's contribution in Bharti Airtel's over turnover stood at Rs 6,084.7 crore which would be 6.4% during the last fiscal year (FY17).

J.P. Morgan, UBS and Goldman Sachs were joint placement agents for the transaction. Bharti Infratel settled 4.16 per cent down at Rs 394, whereas Bharti Airtel closed at Rs 497.70, down 0.07 per cent on Tuesday.

Vodafone India and Idea Cellular, which are headed for a merger, said yesterday that they have separately made a decision to sell their tower businesses in India to ATC Telecom Infrastructure for Rs 7,850 crore.

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