Bharti Infratel towers up

In the opening trades, Bharti Infratel rose almost 3% to Rs.138 levels. It is since then come off that intra day high and is now at Rs.356, remaining up some 2.5%.

The stock is up on unconfirmed reports that PE player KKR and pension fund - Canada Pension Plan Investment Board (CPPIB) are in talks with Sunil Bharti Mittal to acquire a significant stake in the listed tower firm. 

This grapevine has emerged on the back of the parent company, Bharti Airtel announcing last week that it had received the Board’s approval to explore monetisation of a significant stake in Bharti Infratel.

Bharti Airtel currently has a 71.96% stake in Bharti Infratel and it is reportedly looking to monetize 40% of its stake.

The stock exchanges have sought a clarification from the company and a response is awaited.