Nettle Infrastructure Investment will acquire 21.63% stake in Bharti Infratel from parent Bharti Airtel on or after March 27. Nettle Infrastructure, a wholly-owned subsidiary of Bharti Airtel, will buy 40 crore equity shares of mobile tower company Bharti Infratel from the parent for an estimated Rs 12,400 crore.
Nettle Infrastructure will acquire stake at or around the market price prevailing on the date of acquisition. On completion of transaction, Bharti Airtels stake in Infratel will come down to 50.33% from 71.96% at present.
Last week, Bharti Airtel had said it has shelved plans to sell controlling stake in its mobile tower arm Bharti Infratel but has decided to monetise 21.63% equity in the company.