Mumbai: Indian Continent Investment, a Sunil Mittal-led promoter entity, may offload nearly 0.8% stake in Bharti Airtel for over ₹9,300 crore in a block deal on the exchanges on Friday, according to a term sheet seen by ET. The firm will sell five crore shares in the telecom operator, it said. The deal may be executed at a floor price of ₹1,862 per share, a 3% discount to Thursday’s closing price of ₹1,922.6.
Promoters owned a 51.25% stake in Bharti Airtel as of June 30. Indian Continent Investment held a 2.47% stake in the company, while Bharti Telecom owned 40.47%.
Agencies
In February, Indian Continent Investment had sold a 0.84% stake (or 5.11 crore shares) in Bharti Airtel in a block deal worth ₹8,485 crore. A large chunk of the share sale was absorbed by group entity Bharti Telecom.Bharti shares have gained 20.3% this year as against the benchmark Nifty’s advance of 1.2% in the same period. In the past month, the stock is down 5.6%.
