Bharti infratel falls 5% after huge block deals

Bharti Infratel falls 5% after huge block deals

STOCK MARKET - 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.

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. CLICK HERE TO READ FULL REPORT. 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.

GET LIVE UPDATES ON MARKET ARTICLE SOURCE – BUSINESS STANDARD