Nettle Buys 4.94% Stake In Bharti Infratel For Rs 2,882 Crore
A telecom tower as seen from below. (Source: Pixabay)

Nettle Buys 4.94% Stake In Bharti Infratel For Rs 2,882 Crore

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Bharti Airtel Ltd. on Wednesday said its subsidiary Nettle Infrastructure Investments has acquired an additional 4.94% stake in Bharti Infratel Ltd. for Rs 2,882.32 crore.

With this transaction, Bharti Airtel's total direct and indirect stake in its mobile tower arm Infratel has increased to 41.66% according to a regulatory filing.

Before the acquisition, Bharti Airtel and Nettle held 23.04 and 13.69% stake, respectively in Infratel.

"Nettle has acquired an additional equity stake of approximatelty 4.94% (13.3 crore shares) in Infratel. Accordingly, its equity stake has increased to 18.62% in Infratel," Bharti Airtel said in the filing.

Indus Tower, which was the country's largest standalone mobile tower company, has merged with Bharti Infratel. Vodafone Group holds around 28.12% stake in the merged entity.

In a separate transaction, P 5 Asia Holding Investments Mauritius sold 6.65 crore scrips of Bharti Infratel at Rs 215.5 per share, as per the block deal data on BSE.

Also read: Bharti Infratel Shares End 17% Higher After Completing Merger With Indus Towers

In two separate transactions on NSE, Edgepoint Global Portfolio and Edgepoint Global Growth and Income Portfolio offloaded total 4.93 crore scrips of Bharti Infratel at an average price of Rs 215.59 per share.

Edgepoint Global Portfolio and Edgepoint Global Growth and Income Portfolio held 3.11% and 1.77% stake, respectively, in Bharti Infratel as public shareholders.

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