Bharti Infratel shares fall as Airtel subsidiary sells stake

Asian markets open mixed on Tuesday

Asian markets open mixed on Tuesday

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.

Bharti Infratel shares were trading down 3.10 per cent or Rs 12.75 at Rs 398.35 on the BSE at about 12.30 pm. The allocation was done to global investors, fund managers and long-only funds, including many repeat investors, it said, adding that the deal was upsized by over 25 per cent. Nettle Infrastructure Investments Ltd, the wholly-owned unit of Airtel sold each share at Rs. 400.6 in stock market transactions at a discounted price of 3.6% compared to Monday's closing price.

The sale was for a total consideration of over Rs 3,325 crore (USD 510 Million) and was executed at a price of Rs. 400.6 per share.

Another Body Found in Tampa Neighborhood Where 3 Were Killed
Officials said officers were patrolling the neighborhood when a 911 call came in of shots fired around 4:51 a.m. Three people were shot to death in Seminole Heights last month, two of them while waiting at bus stops.

Bharti Infratel, a subsidiary of Bharti Airtel deploys, owns and manages telecom tower communication structures.

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). Indian telecom operators have been hit by the entry of Reliance Jio, which has been offering free voice calls and data at dirt-cheap prices. In 2014 it said Bharti Infratel wanted to buy Aircel and Vodafone India's towers, but this week Vodafone India and Idea Cellular - which are merging - said they were selling their towers to ATC of the USA for $1.2 billion. Bharti Infratel and Vodafone India hold 42 per cent stake in Indus Towers and rest is held by Idea Cellular.

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