Bhari Airtel today said it would not sell controlling stake in its tower business -- Bharti Infratel as of now and instead will sell/ transfer up to 400 mln Bharti Infratel shares that represents a 21.63 % stake to its unit Nettle Infrastructure Investments Ltd or to any other potential investor.
Bharti Airtel will still hold a controlling stake of 50.33 % in tower unit in case such a deal takes place, says the company in a regulatory filing.
"The Board has at its meeting held on March 14, 2017...decided not to monetise a controlling stake in Infratel for now. Instead, the Board has decided that the company undertake a sale/transfer of upto 400 million Infratel equity shares owned by company which is over and above a controlling stake in Infratel, in such tranche(s), at such time(s) and for such consideration as may be deemed fit to its wholly-owned subsidiary Nettle Infrastructure Investments Limited and/or to any other potential investor(s)," the filing said .
Bharti last year had authorised a Committee of Directors to evaluate options for monetisation of a significant stake in Bharti Infratel.
The consolidated tower base of Bharti Infratel, including its share in Indus Towers, stood at 90,255 towers at the end of 2016. Bharti Infratel registered 25 per cent increase in consolidated net profit at Rs 620 crore for the same quarter. It had posted a net profit of Rs 495 crore in the same period of last fiscal, 2015-16.