Dec 01, 2016 04:19 PM IST IST | Source: Moneycontrol.com

Bharti Infra up 5% as Brookfield in exclusive talks to buy stake

Bharti Infratel shares rallied more than 5 percent intraday Thursday. Canada-based asset management company Brookfield is in exclusive talks to buy majority stake in the company, reports CNBC-TV18 quoting agencies.

Bharti Infratel shares rallied more than 5 percent intraday Thursday. Canada-based asset management company Brookfield is in exclusive talks to buy majority stake in the company, reports CNBC-TV18 quoting agencies.

The firm is likely to bid at around Rs 400 per share for the majority stake in the telecom tower infrastructure provider.

Other interested investors like KKR, Canada Pension Plan Investment Board and Blackstone are also likely to bid for minority stake in Bharti Infratel, the subsidiary of Bharti Airtel.

According to earlier media reports, Brookfield as well as PE firm Blackstone were in race to pick up 40 percent stake in Bharti Infratel.

Bharti Airtel currently owns 72 percent stake in Bharti Infratel, while the remaining is vested with public shareholders.

Analysts say majority of telecom companies have been trying to sell tower assets, so that the majority of funds can be used for debt reduction.

At 15:05 hours IST, the stock was quoting at Rs 388.00, up Rs 12.70, or 3.38 percent amid high volumes on the BSE.

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