Bharti Airtel to cut its stake in tower infra firm Bharti Infratel by 32 per cent

NEW DELHI: Telecom service provider Bharti Airtel on Tuesday said that it will bring down its stake in Bharti Infratel to 18.3 per cent by selling around 32 per cent stake to Nettle Infrastructure Investments.

“The Board of Directors of Bharti Airtel Limited, in order to explore a potential monetization of stake in Bharti Infratel Limited (‘Infratel’) in the future, approved sale transfer of up to 32 per cent of Infratel to its wholly-owned subsidiary—Nettle Infrastructure Investments Limited (‘Nettle’)—in its meeting held on December 20, 2018,” the company said in a regulatory filing.

Nettle Infrastructure has a 3.2 per cent stake in Infratel. After the transaction, its stake would rise to 35.2 per cent, it said. Bharti Airtel currently has a 50.3 per cent stake in the telecom tower company.