Indian telecoms group Bharti Airtel Ltd has launched a sale of a 3.7 percent stake in tower arm Bharti Infratel Ltd for up to 25.52 billion rupees ($400 million), according to a deal term sheet.
Nettle Infrastructure Investments Ltd, a subsidiary of Bharti Airtel, is selling the Infratel shares in a price range of 378 rupees to 397.85 rupees each, the term sheet said.
The lower end of the price range is a 5 percent discount to the stock’s closing price on Monday.
JPMorgan and UBS are managing the share sale.
As of end-June, Bharti Airtel and Nettle together owned 61.65 percent of Bharti Infratel, stock exchange data showed.
Bhart Airtel did not immediately respond to a request for comment.
Like this report? Sign up for our daily newsletter to get our top reports.