Bharti Airtel Looks To Raise $400 Million From Stake Sale In Bharti Infratel

India’s largest telecom operator Bharti Airtel Ltd. is looking to raise up to $400 million by selling stake in its mobile tower unit Bharti Infratel, through another subsidiary.

Nettle Infrastructure Investments, a unit of Bharti Airtel, plans to sell 3.5 percent of outstanding shares in Bharti Infratel at Rs 400-415.5 apiece, Bloomberg reported having accessed the term sheet of the institutional share sale.

The price range represents 0 percent -3.7 percent discount to the last close of Bharti Infratel. Bharti Infratel shares closed at Rs 415.5 apiece on the BSE.

In Oct., a committee of directors appointed by the board of the Sunil Bharti Mittal-led telecom operator gave a go-ahead to consider sale of majority stake in Bharti Infratel, the company said in a regulatory filing.

Also Read: Bharti Airtel To Evaluate Selling Majority Stake In Tower Arm

The stake sale will be the third attempt this year by Airtel to sell non-core assets to pare debt. In the previous quarter, Nettle Infrastructure sold 3.7 percent stake in Bharti Infratel.

JPMorgan, UBS and Goldman Sachs are managing the stake sale.

Timeline Of Infratel Stake Sales

• March 28, 2017: Sold 10.3 percent stake to consortium led by KKR and CPPIB for Rs 6,194 crore.
• March 29, 2017: Transferred 11.32 percent stake to wholly owned subsidiary Nettle Infrastructure Investments.
• August 8, 2017: Nettle sold 3.65 percent stake for Rs 2,570 crore.
• November 14, 2017: Nettle to sell 3.5 percent stake.