Business

November 14, 2017

Nettle Infrastructure divests holding in Bharti Infratel


Bharti Infratel

On November 14, Bharti Airtel's Nettle Infrastructure Investments divested more than half of its holding in mobile masts operator Bharti Infratel Ltd. The 83 million share sale, aimed at reducing debt, involved a secondary market transaction and took place at Rs 400.6 each.

According to Bharti Airtel, “This transaction would fetch India’s largest telecom operator by customers about Rs 3,325 crore ($510 million) excluding transaction costs and statutory levies. The share sale saw interest from various global investors, fund managers and long-only funds, including many repeat investors.”

Notably, its original plan was to sell shares worth $400 million. However, according to Bharti Airtel, the deal was “upsized by over 25% led by healthy investor appetite.”

As of September, Nettle owned 7.7 percent of Bharti Infratel, while Bharti Airtel owned 50.3 percent of the tower operator.

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