SINGAPORE/MUMBAI (Reuters) - A unit of top Indian phone carrier Bharti Airtel Ltd will sell a stake worth about 26.17 billion rupees ($400 million) in mobile masts operator Bharti Infratel Ltd on Tuesday, according to a deal term sheet.
Nettle Infrastructure Investments Ltd is offering to sell an about 3.5 percent stake in Bharti Infratel in a price range of 400 rupees to 415.5 rupees per share, the term sheet showed.
The price range is a nil to 3.7 percent discount to Bharti Infratel’s Monday closing price on the National Stock Exchange.
The sale is scheduled to take place on Tuesday.
As of end-September, Nettle owned 7.7 percent of Bharti Infratel, while Bharti Airtel owned 50.3 percent of the tower operator.
J.P. Morgan, UBS and Goldman Sachs are handling the share sale.
($1 = 65.4650 Indian rupees)
Reporting by S. Anuradha of IFR and Sankalp Phartiyal; Writing by Devidutta Tripathy; Editing by Louise Heavens