Bharti Airtel shares fell 3 per cent to an intraday low of Rs 1,868.70 on the BSE on Friday, August 8, after promoter group entity Indian Continent Investment Ltd (ICIL) sold a 1.2 per cent stake through a block deal.
Bharti Airtel’s promoter entity, Indian Continent Investment, is likely to sell a 0.8 per cent stake in the company through a block deal, according to Moneycontrol. The transaction is expected to be worth around Rs 9,310 crore, with the floor price likely set at Rs 1,862 per share.
The sale is purely secondary, so there will be no equity dilution or new shares issued. All proceeds will go to the seller, Indian Continent Investment Ltd. The deal comes with a 90-day lock-up, meaning the seller can’t make similar sales during this period. The books are set to close around 7:30 AM IST on August 8, but could shut earlier if investor demand is strong.
Jefferies India and J.P. Morgan India are handling the block deal as joint placement agents. On Thursday, Bharti Airtel’s shares ended flat at Rs 1,924.35 on the BSE.
Airtel’s Global Reach
Bharti Airtel, headquartered in India, is a global communications solutions provider serving over 590 million customers across 15 countries in India and Africa. It also operates in Bangladesh and Sri Lanka through its associate entities.
