Bharti Airtel will lower its direct stake by more than half in the telecom tower company, said Bharti Infratel Ltd. on Tuesday. Airtel unit Nettle Infrastructure Investments will purchase stakes in Bharti Infratel of about 39 percent, Infra said in an exchange filing.
Airtel will own an 18.3 percent stake in Infratel after the transfer, down from its current stake of 50.33 percent.
SingTel Ltd said in a statement that it will buy approx. 525 million dollar worth Airtel stock as part of Airtel’s plan where it is to raise 4.6 billion dollars in the form of shares and bonds.
Nettle will purchase a share of  Infratel for up to 362.45 rupees, a premium of up to 13.4 percent to the stock’s closing price on Monday. Nettle already owns a 3.18 percent stake in Infratel.
While writing the report Bharti Airtel was witnessed to surge by about 5 percent to Rs. 350.50 on NSE.
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