Indian Continent Investment Ltd, a shareholding entity led by billionaire Sunil Mittal, has launched a block deal to sell a portion of its stake in Bharti Airtel worth a little over $1 billion, Moneycontrol reported on Thursday, citing sources.
The stake sale is at a floor price of 1,862 rupees ($21.30) per share, the report said. The price is at a 3.15% discount to the telecom operator’s last closing price, according to data from LSEG.
Indian Continent Investment, which sold a 0.84% stake in Bharti Airtel earlier this year, currently holds 2.47% of the firm and plans to offload around 0.8%, the report added.
Airtel did not immediately respond to a request for comment.
($1 = 87.4140 Indian rupees)
Reuters
