Indian Continent Investment to sell 0.8% stake in Bharti Airtel for Rs 9,300 crore

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%.