Bharti Infratel miffed with stake sale

Bharti Infratel is a not doing too well today as the market is miffed with the news Bharti Airtel might be selling stake in the company.  The news is that Airtel will sell 7.25 crore shares to raise Rs.2600 crore and this will happen tomorrow, 26^th Feb, through the stock exchanges. The news is that Airtel needs this money for the upcoming spectrum auction. Currently, Bharti Airtel has a 74.85% stake in the tower company, Infratel.

Not surpisingly, the market upset with Airtel for reducing stake even though it is for buying more spectrum has beaten down the stock into the red, currently at Rs.360, down 3%