Indian Continent Investment, a Bharti Airtel promoter group entity, is selling a 0.8% stake in the telecom giant for approximately Rs 9,310 crore (more than $1 billion). The transaction, which is being managed by Jefferies and JP Morgan's Indian units, is expected to be completed on Friday through one or more block deals.

Key Highlights

• Airtel promoters, led by Indian Continent Investment, to sell 0.8% stake worth over $1 billion via block deal.
• The deal, valued at around ₹9,300 crore, marks one of the largest block trades this year for Airtel. 

Indian Continent Investment will sell up to 5 crore shares at a floor price of Rs 1,862 per share, representing a 3.2% discount to Bharti Airtel's closing price of Rs 1,923 on Thursday on the NSE. In February of this year, Indian Continent Investment reduced its stake in Bharti Airtel through block deals. In a transaction valued at over Rs 8,000 crore, it had sold roughly 0.85% of its shares.

There has generally been deal activity in the Sunil Mittal led telecom firm this year. In a block deal worth almost $1 billion, Singapore Telecom (Singtel), another promoter of the company, sold off a portion of its shares in May. At the moment, Indian Continent Investment owns roughly 2.4% of Bharti Airtel.

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Additionally, China's Ant Group closed two block deals this week to exit Paytm and Eternal (formerly Zomato) for a combined total of over Rs 8,000 crore.