Bharti Airtel's stock fell 3% 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 percent stake in a block deal.
Bharti Airtel's promoter entity, Indian Continent Investment, is expected to sell a 0.8% stake in the company in a block deal, according to reports. The transaction is expected to be worth Rs 9,310 crore, with a floor price of Rs 1,862 per share.
Key Highlights
- Bharti Airtel shares fell 3% intraday after Indian Continent Investment sold a 1.2% stake (~₹12,500 crore).
- The block deal, managed by Jefferies and JPMorgan, was executed at a ~3.15% discount to last closing price.
There will be no equity dilution or new shares issued as a result of the secondary sale. All proceeds will be directed to the seller, Indian Continent Investment Ltd. The agreement includes a 90-day lock-up period, which means the seller is unable to make similar sales during that time. The books are scheduled to close around 7:30 a.m. IST on August 8, but they could close earlier if investor demand is strong.
Also Read: Airtel Promoters Set to Offload Over $1 Billion Worth of Shares
As joint placement agents, Jefferies India and J.P. Morgan India will handle the block deal. On Thursday, Bharti Airtel's shares closed flat at Rs 1,924.35 on the BSE.
Airtel's Global Reach
Bharti Airtel, headquartered in India, is a global communications solutions provider with over 590 million customers in 15 countries throughout India and Africa. It has associate entities in Bangladesh and Sri Lanka as well.
