US-based private equity firm KKR reportedly could raise about US$230m in a sale of its shares in Indian towerco Bharti Infratel, exiting the investment after six years.
KKR has asked investment banks including Morgan Stanley, UBS and Citigroup for…
US-based private equity firm KKR reportedly could raise about US$230m in a sale of its shares in Indian towerco Bharti Infratel, exiting the investment after six years.
KKR has asked investment banks including Morgan Stanley, UBS and Citigroup for pitches to advise it on the planned sale via block trades on the stock exchanges, the Economic Times reported citing a person with direct knowledge of the matter.
The New York-based firm could launch the sale as early as this week, the source was quoted as saying.
KKR and Infratel, which is listed on the Bombay Stock Exchange and National Stock Exchange of India, declined to comment on the matter.
The private equity firm has 45.07 million shares, equal to a 2.38% stake, in Infratel, which is majority-owned by telecoms giant Bharti Airtel.
At the time of writing, Infratel shares were trading at Rs298.87 (US$4.91), valuing KKR’s stake at Rs13.47bn (US$221.37m).
KKR first acquired a stake in Infratel in February 2008 for US$250m.
Bharti Airtel raised more than Rs21bn (US$350m) from the sale of a 4.5% stake in Infratel on the Bombay and national stock exchanges in August.
Infratel, which was listed for US$760m in late 2012, is looking to extend its footprint across Asia as more operators prepare to offload towers to focus on their core operations. The company has over 36,000 standalone towers across 18 states and 11 service areas in India.
