 "Bharti Infratel extends gain on stake sale plan by parent company")
Bharti Infratel was up 4% to Rs 369 on BSE in intra-day trade, extending its Tuesday’s 2% gain in an otherwise weak market, amid a media report which suggested that the private equity heavyweight KKR and pension giant Canada Pension Plan Investment Board (CPPIB) are eyeing stake in the company.
On clarification on news article appearing in Economic Times dated October 31, 2016 stating "KKR and Canada Pension eye stake in Bharti Infratel", Bharti Infratel said, Bharti Airtel, the holding company / the promoter of the company had on October 31, 2016 told stock exchanges that it had constituted a committee of directors to evaluate options for monetization of a significant stake in the tower arm.
Bharti Infratel, India’s leading telecom tower infrastructure provider is a significant subsidiary of Bharti Airtel. Bharti Airtel owns 71.96% stake in the company, while the rest is held by public shareholders.
“Airtel has, in the past, divested stakes in Infratel to a clutch of private equity investors led by Temasek, KKR and other high quality investors in 2008. This was followed by an IPO in the year 2012 and block sales in the stock market in 2014 and 2015,” Bharti Airtel said in a BSE filing.
At 12:25 pm, the stock was up 2.8% at Rs 365 on BSE, as compared to 1% decline in the S&P BSE Sensex. A combined 1.54 million shares changed hands on the counter on BSE and NSE so far.
On clarification on news article appearing in Economic Times dated October 31, 2016 stating "KKR and Canada Pension eye stake in Bharti Infratel", Bharti Infratel said, Bharti Airtel, the holding company / the promoter of the company had on October 31, 2016 told stock exchanges that it had constituted a committee of directors to evaluate options for monetization of a significant stake in the tower arm.
Bharti Infratel, India’s leading telecom tower infrastructure provider is a significant subsidiary of Bharti Airtel. Bharti Airtel owns 71.96% stake in the company, while the rest is held by public shareholders.
“Airtel has, in the past, divested stakes in Infratel to a clutch of private equity investors led by Temasek, KKR and other high quality investors in 2008. This was followed by an IPO in the year 2012 and block sales in the stock market in 2014 and 2015,” Bharti Airtel said in a BSE filing.
At 12:25 pm, the stock was up 2.8% at Rs 365 on BSE, as compared to 1% decline in the S&P BSE Sensex. A combined 1.54 million shares changed hands on the counter on BSE and NSE so far.