Mittal-led promoter entity offloads Airtel shares worth $1.28 billion

Indian Continent Investment Ltd, a promoter group entity of Bharti Airtel Ltd, on Friday sold a 1% stake worth about $1.28 billion ( ₹11,200 crore) in the company, the telecom operator said in an exchange filing.

The Sunil Mittal-led promoter group entity of Bharti Airtel offloaded 60 million shares in total—30 million shares at ₹1,870.40 apiece and another 30 million at ₹1,871.95 per share. The sale was at a discount of about 2.7% to Thursday’s closing price of ₹1,922.60.