BackBharti Infratel falls as much as 6.25% on stake sale plan
The stock hit an intra-day low of Rs347.60 and fell as much as 6.25%, its sharpest decline since 12 February
Premium(Ramesh Pathania/Mint )
Mumbai: Shares of Bharti Infratel Ltd fell on Thursday after the company said in a notice to BSE that its promoter Bharti Airtel Ltd will sell a stake in the company.
The stock hit an intra-day low of ₹ 347.60 and fell as much as 6.25%, its sharpest decline since 12 February.
Bharti Infratel shares closed 0.94% lower at ₹ 367.30 a piece, while the benchmark BSE Sensex declined 0.90% to 28,746.65 points.
However, Bharti Airtel Ltd rose 0.47% to ₹ 349.45.
“Bharti Airtel Ltd has decided to sell up to 55 million equity shares (with an upsize option of up to 17.50 million additional equity shares) of its arm Bharti Infratel tomorrow on 26 February via open market," Bharti Infratel said in a BSE notice on Wednesday.
Bharti Airtel will sell Bharti Infratel’s shares at an indicative price band of ₹ 350-360 a share, Reuters reported.
At current market prices Bharti Aritel will raise around ₹ 2,581.36 crore from the sale. The company has not said how it will use this money.
Currently, Bharti Airtel holds a 74.85% stake in the company. After the sale this is likely to come down to 71.01%.
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