Bharti Airtel: Sunil Mittal entity likely to divest close to 0.56% in Airtel

Mumbai: Indian Continent Investment, a Sunil Mittal–led promoter entity–may offload nearly 0.56% stake in Bharti Airtel for about ₹7,200 crore through a block deal on the exchanges on Wednesday, according to news reports. The firm will sell 3.43 crore shares in the telecom operator.

The deal may be executed at a floor price of ₹2,096.7 per share, a 3% discount to Tuesday’s closing price of ₹2,161.6, the reports said.

Bharti Airtel did not respond to ET’s emailed queries as of press time.

Promoters owned 50.27% of Bharti Airtel as of September 30. Indian Continent Investment held 1.48% in the company, while Bharti Telecom owned 40.47%.

In August, Indian Continent Investment sold a 0.98% stake in Bharti Airtel in a block deal worth ₹11,227 crore.

Bharti shares have gained 35.1% this year, compared with the Nifty’s 9% rise in the same period. In the past month, the stock is up 3.7%.