Bharti Airtel will transfer its 25% stake in DTH arm Bharti Telemedia to wholly owned subsidiary Nettle Infrastructure Investments, as per a regulatory filing.
“…we wish to inform you that the Board in its meeting held on January 18, 2018 has approved the transfer of 25 percent equity shares of Bharti Telemedia Limited (Subsidiary Company) to its wholly owned subsidiary; Nettle Infrastructure Investments Limited,” Bharti Airtel said in a BSE filing.
The date of transaction of the sale is yet to be decided by the company.
Airtel in December signed agreement to sell 20% stake in Bharti Telemedia to private equity firm Warburg Pincus for about $350 million (around Rs2,310 crore).
A company official said that the stake transfer to Nettle does not include equity to be sold to Warbug Pincus. Upon closing of the transaction with the equity firm, Airtel was left with 80% equity stake in Bharti Telemedia.
In a separate filing, Airtel said that the company’s board on the same day also approved acquisition of 5% stake in its subsidiary Indo Teleports (also known as Bharti Teleports) for Rs2.3 crore. Bharti Airtel already holds 95% stake in Indo Teleports.
Source: Mint