 "Bharti Airtel")
Indian Continent Investment Ltd (ICIL), a promoter entity of Bharti Airtel, on Friday sold 60 million shares at about ₹1,871 apiece to mop up ₹11,227 crore ($1.3 billion) – marking one of the largest block deals in the domestic markets.
Names of the buyers weren't disclosed by the stock exchanges. However, banking sources said it included foreign and domestic funds.
Shares of Bharti Airtel fell 3.4 per cent to end at ₹1,859 on Friday — most among Sensex components. With a market capitalisation of ₹10.8 trillion, Airtel is the fourth most valuable company in the country.
This is the second time ICIL has sold a stake in the past year.
In February, it had sold 0.84 per cent stake, or 51 million shares, to mop up ₹8,485 crore ($976 million).
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Following the stake sale, the total promoter holding in Bharti Airtel is expected to drop to 50.27 per cent, down from 53.11 per cent at the start of the year.
These shares sale comes at a time when the Airtel founder Sunil Mittal is seeking to acquire a 49 per cent stake in Chinese consumer appliances major Haier’s India entity.
Mittal, along with global private equity giant Warburg Pincus, have been in talks with Haier for stake purchase with discussions going on around the valuation being sought by the Chinese company.
According to media reports last month, the proposed deal value is being pegged at ₹6,000 crore.
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