Bharti Airtel promoter entity to cut stake in Rs 7,195-cr deal
Bharti Airtel’s promoter entity Indian Continent Investment (ICIL) will sell 34.3 million equity shares, representing a 0.56% stake, in Bharti Airtel for Rs 7,195 crore on Wednesday via a block deal. The move is aimed at diversifying the telco’s shareholder base.
ICIL, a promoter entity of Sunil Bharti Mittal family office, will sell shares on the stock exchanges at a floor price of Rs 2,096.70 per share, a 3% discount to Bharti Airtel’s closing price of Rs 2,161.60 on the NSE on Tuesday, according to a term sheet.
