Bharti Infratel Limited said on Tuesday that its majority shareholder Bharti Airtel will lower its direct stake in the telecom tower company from 50.33 per cent to 18.3 per cent.
Airtel's unit Nettle Infrastructure Investments will buy up to 32 per cent stake in Bharti Infratel by March 18, Infratel informed stock exchanges in regulatory filings.
Nettle, which already owns a 3.18 per cent stake in Infratel, will buy Infratel shares for up to Rs 362.45 each.
Airtel has faced bruising competition since the entry of Reliance Industries' upstart Jio in late 2016. Its profit margins were trimmed while the debts soared