Sunil Mittal Entity Likely to Divest Close to 0.56% in Airtel
According to recent news, Indian Continent Investment, led by Sunil Mittal, is preparing to divest approximately 0.56% of its stake in Bharti Airtel for around ₹7,200 crore through a block deal on Wednesday. Below are key details surrounding this significant transaction:
– Stock Performance: Bharti shares have surged by 35.1% this year, outpacing the Nifty’s 9% rise. In the last month alone, the stock has gained 3.7%.
– Divestment Details: The entity plans to sell 3.43 crore shares at an execution price likely around ₹2,096.7 per share, representing a 3% discount from Tuesday’s closing price of ₹2,161.6.
– Current Stake Ownership: As of September 30, promoters owned 50.27% of Bharti Airtel. Indian Continent Investment holds 1.48%, while Bharti Telecom controls 40.47%.
– Recent Activity: In August, Indian Continent Investment had previously sold a 0.98% stake in Bharti Airtel, resulting in a block deal of ₹11,227 crore.
Bharti Airtel has not yet responded to inquiries regarding this planned divestment. With ongoing fluctuations in the telecom market, stakeholders are closely monitoring this move, highlighting the dynamics of ownership and investment strategies in the industry.