American private equity company, Kohlberg Kravis Roberts (KKR) has sold its entire 2.5 per cent stake in tower company Bharti Infratel, a subsidiary of Bharti Airtel. KKR reportedly sold their stake for Rs 17 billion as Bharti Infratel stock has been mostly in the range of Rs 375-390 in March 2015. The Bank of America Merrill Lynch was the investment banker to the deal.
KKR had made its equity investment in Bharti Infratel in 2008 at Rs 220 per share totaling Rs 9.90 billion ($250 million). Bharti Infratel owns over 35,000 telecom towers and holds approximately 42 per cent in Indus Towers, the recently announced joint venture between Bharti Airtel, Vodafone and Idea Cellular.
