Bharti Infra slips from its 'tower'

Bharti Infratel is not doing too well today morning, with the stock opening in the red and continues to remain so at Rs.298.95, down almost 3.5%. Volumes have spurted over one time.

The stock has declined after US PE Fund, Kohlberg Kravis Roberts and Co or KKR as it is more popularly recognized that it plans to exit from the stock, after six years of staying invested. It intends to raise about $230 million, given the exuberant price rise in the stock over the past couple of weeks. KKR will sell its stake via share sale through block trades on the exchanges.

Currently KKR has a 2.38% stake in the company, which is the ‘tower’ arm of its flagship, Bharti Airtel, owning around 36,000 telecom towers.