Shares of Bharti Airtel, Bharti Infratel and Idea Cellular rose by 2.7% to 3.98% at 11:58 IST on BSE on media reports that KKR-led consortium fund is in talks to acquire Indus Towers and telecom tower company Bharti Infratel for $11 billion.
Bharti Airtel (up 3.98% at Rs 399.35), Idea Cellular (up 2.88% at Rs 75.05) and Bharti Infratel (up 2.7% at Rs 411) advanced.
Meanwhile, the S&P BSE Sensex was up 134.01 points or 0.42% at 32.058.42.
As per media reports, a consortium led by US buyout fund KKR and comprising Canada Pension Plan Investment Board, Abu Dhabi Investment Authority and GIC Singapore is in discussions to acquire Indus Towers and telecom tower company Bharti Infratel for $11 billion. As the first step, Bharti Infratel will buy out either all or almost the entire 58% shareholding of other partners Vodafone, Idea Cellular and Providence Equity Partners in Indus Towers, reports added. Bharti Infratel currently owns 42% in Indus Towers, which has a portfolio of 1.23 lakh towers, as per reports. Bharti Airtel held 50.33% stake in Bharti Infratel as per the shareholding pattern as on 30 June 2017.
Reports suggested that Vodafone is likely to retain 8-10% stake in Indus Towers to enjoy any future upside. Bharti Infratel has the right of first refusal on Vodafone and Idea's stakes in Indus Towers, reports added.
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