Major Stake Sale in Bharti Airtel

In a significant move that marks one of the largest block deals of the year, Indian Continent Investment, a promoter group entity of Bharti Airtel, is set to sell a 0.8% stake in the telecom giant. The transaction, valued at approximately Rs 9,310 crore (over $1 billion), is scheduled to be executed through one or more block deals this Friday. Leading the deal are the Indian units of Jefferies and JP Morgan.

Details of the Deal

The shares are being offered at a floor price of Rs 1,862 per share, representing a 3.2% discount to Bharti Airtel's last closing price on the NSE. This sale follows a similar transaction in February, where Indian Continent Investment reduced its stake by 0.85%, raising over Rs 8,000 crore.

A Year of Significant Transactions

This year has seen considerable activity in Bharti Airtel's shares, with another promoter entity, Singapore Telecom (Singtel), divesting a near $1-billion stake in May. Currently, Indian Continent Investment holds about 2.4% in Bharti Airtel.

In related news, China's Ant Group recently exited Paytm and Eternal (formerly Zomato) through two block deals totaling over Rs 8,000 crore.