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BUZZ-Bharti Airtel drops; says it will not sell controlling stake in tower unit
March 16, 2017 / 5:46 AM / 8 months ago

BUZZ-Bharti Airtel drops; says it will not sell controlling stake in tower unit

** Shares of India’s biggest telecom operator Bharti Airtel Ltd fall as much as 1.1 pct to 359.10 rupees; among only five companies trading in red on the NSE index as of 0504 GMT

** Bharti Airtel says it will not sell a controlling stake in tower unit Bharti Infratel Ltd for now

** Instead, it will sell or transfer up to 400 mln Bharti Infratel shares amounting to a 21.63 pct stake to its unit Nettle Infrastructure Investments Ltd or to any other potential investor (bit.ly/2mR9bFG)

** Bharti Airtel to still hold a controlling stake of 50.33 pct in tower unit after any such deal

** Bharti Infratel up as much as 0.9 pct

** Airtel’s shares have gained 18.8 pct this year as of Wednesday’s close compared with rival Idea Cellular Ltd’s 52.5 pct rise during the same period (arnab.paul@thomsonreuters.com@reuters.net)

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