- Plight of Ad-Hoc professors in DU: AAP teachers' wing to go on hunger strike
- Today's Top 5 Telangana News Updates 07-06-2023
- Weather alert: 218 mandals in AP to witness heatwaves today, rains likely in parts of state
- Today's Top 5 Hyderabad News Updates 07-06-2023
- Narrow escape for Delhi-Bhubaneswar Rajdhani Express in Bengal's Purulia
- UP kids top in climate change vulnerability index
- Hyderabad: City start up transforming HEIs into AI driven campuses
- PL Technicals Daily Morning Report
- Ice Cream— positive & negative effects on the nervous system
- Odisha Train Accident: 83 bodies await identification; distraught relatives clueless
Bharti Airtel to cut stake in Infratel
Mumbai: Telecom major Bharti Airtel will slash its stake in Bharti Infratel to 18.3 per cent by selling around 32 per cent stake to Nettle...
Mumbai: Telecom major Bharti Airtel will slash its stake in Bharti Infratel to 18.3 per cent by selling around 32 per cent stake to Nettle Infrastructure Investments, a regulatory filing by Infratel said on Tuesday.
Nettle Infrastructure, a wholly-owned subsidiary of Bharti Airtel, has 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 50.3 per cent stake in the telecom tower company.
According to Infratel, the acquisition would take place "on or after March 18". The price of shares for the deal would be "at or around the market price prevailing on the date of acquisition".
Market analysts said this transfer of shares would eventually lead to sale of the stake to a third party and help Bharti Airtel raise money. Consequent to the announcement, shares of Bharti Airtel surged over 4 per cent during the day.