Bharti Airtel subsidiary selling stake in tower arm for up to $400m

Indian telecoms group Bharti Airtel Ltd has launched a sale of a 3.7 percent stake in tower arm Bharti Infratel Ltd for up to 25.52 billion rupees ($400 million), according to a deal term sheet.

Nettle Infrastructure Investments Ltd, a subsidiary of Bharti Airtel, is selling the Infratel shares in a price range of 378 rupees to 397.85 rupees each, the term sheet said.

The lower end of the price range is a 5 percent discount to the stock’s closing price on Monday.

JPMorgan and UBS are managing the share sale.

As of end-June, Bharti Airtel and Nettle together owned 61.65 percent of Bharti Infratel, stock exchange data showed.

Bharti Airtel did not immediately respond to a request for comment.

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