November 14, 2017 / 3:05 AM / a year ago

Bharti Airtel unit selling $400 million Bharti Infratel stake: term sheet

An advertisement for Bharti Infratel Limited's initial public offering (IPO) is seen posted on a wall as a roadside vendor selling magazines and newspapers waits for customers in New Delhi December 12, 2012. REUTERS/Adnan Abidi/Files

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

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