Bharti Airtel unit selling $400 million Bharti Infratel stake

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% 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% 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% of Bharti Infratel, while Bharti Airtel owned 50.3% of the tower operator.

J.P. Morgan, UBS and Goldman Sachs are handling the share sale.