Promoter to sell 2.75% stake worth $1 bn in Bharti Airtel via block deals

Shares are being offered to large investors at 6 per cent discount to March 22 closing price of Rs 593; Mittal company joins top Indian companies in raising funds

Bharti Telecom, promoter of Bharti Airtel, is expected to raise $1 billion, or more than Rs 7,600 crore, by selling a small stake in the telecom giant.
 

The sale is expected to be through block deals on Tuesday on the stock exchanges, and is essentially to pare the promoter’s debt.

The move expands the list of promoters that have or are planning to sell stake in their companies. In the past one month, Reliance Industries has announced five deals, worth over Rs 78,500 crore and involving sales of small stakes in Jio Platforms, while GlaxoSmithKline has raised Rs 25,480 crore by