Bharti Enterprises sells Future Retail's shares worth around Rs 3 bn

Edelweiss group firm Ecap Equities Ltd bought 1.65 mn shares worth over Rs 870 mn, while Edelweiss special opportunities fund purchased 4.043 mn shares valuing Rs 2.12 bn

Bharti Enterprises on Thursday sold over 5.7 million shares of Future Retail for around Rs 3 billion through open market operations. 

The shares were bought by Edelweiss group, according to the block deal data available with BSE.

Bharti disposed of 5.693 million shares, amounting to 1.13 per cent stake in Kishor Biyani-led Future Retail.

The shares were offloaded at an average price of Rs 525.9 translating into a transaction of Rs 2.993 billion.

Edelweiss group firm Ecap Equities Ltd bought 1.65 million shares worth over Rs 870 million while Edelweiss special opportunities fund purchased 4.043 million shares valuing Rs 2.12 billion.   

Shares of Future Retail closed at Rs 504.25, down by 4.23 per cent.

In June, Bharti group entity Cedar Support offloaded 6 per cent stake in future retail for Rs 16.97 billion through open market transactions.

Earlier in May 2015, Future Group had acquired Bharti Group's retail business under the EasyDay chain in an all stock deal worth Rs 7.5 billion to create one of the biggest super market chains. Following the deal Bharti Group's retail business had merged with Future Retail.