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Bharti Infratel falls 5% after huge block deals

SI Reporter / Mumbai 08 Aug 17 | 09:55 AM

Bharti Infratel has dipped 5% to Rs 380 on BSE in early morning deals, after more than 3% of the total equity of telecom services provider changed hands in multiple block deals.

Till 09:51 am; around 77.9 million equity shares, representing 4.2% of total equity of Bharti Infratel have changed hands on the BSE, the exchange data shows.

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The name of the buyers and sellers were not ascertained immediately.

According to PTI reports, Bharti Airtel, the promoter of Bharti Infratel is to be in the process to offload a 3.7% stake in the company for about Rs 2,500 crore. 

Earlier, on March 29, 2017, Bharti Airtel had transferred an 11.32% stake in its mobile tower arm Bharti Infratel to its wholly owned subsidiary Nettle Infrastructure at a value of around Rs 6,806 crore.

On March 28, 2017, Bharti Airtel had offloaded 190.58 million shares of Bharti Infratel at price of Rs 325 per share. A consortium of global private equity firms KKR and Canada Pension Plan Investment Board (CPPIB) bought 10.3% stake in tower infrastructure firm from open market.

At 10:05am the stock was trading flat at Rs 420, after hitting a high of Rs 425 on the BSE in intra-day trade.

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