Bharti Airtel Share Price: A block deal of 5.1 crore shares of telecom player Bharti Airtel worth Rs 8,475 crore took place on the exchanges on February 18. In this, promoter entity Indian Continent Investment was the potential seller. 0.9 percent stake of the company was sold through the block deal. Moneycontrol could not immediately identify the parties involved in the transaction. But our sister channel CNBC-TV18 had reported that Indian Continent Investment is planning to sell 0.8 percent stake in the telecom operator. Through this, the promoter plans to raise Rs 8,000 crore.
The report further revealed that the deal will come with a lock-in period of 180 days for the seller, its agents, nominees or subsidiaries. "All orders placed for shares under this deal will be executed exclusively for this transaction and will not be treated as regular market orders," the report said.
Meanwhile, according to the report, the proposal also does not include the participation of Singtel. The shares are to be traded through India's stock exchanges. Pricing guidance will be finalized after these shares hit the market.
Besides this, our other sister channel CNBC Awaaz had also hinted at Singapore Telecommunications Limited (SingTel's) plans to sell its stake in Bharti Airtel through a block deal worth Rs 8,500 crore. As per the CNBC Awaaz report, SingTel's board is expected to meet this week to discuss the proposed stake sale. The deal is part of its capital management strategy. However, SingTel's official response on the matter is still awaited.
Let us tell you that as of the end of the December quarter, promoter Indian Continent Investment held a 3.31 percent stake in Bharti Airtel, while Singtel's subsidiary – Pestel Limited held 9.5 percent direct equity in the telecom operator. Singtel had earlier sold 0.8 percent stake in Bharti Airtel to GQG Partners through the block deal window in March last year.
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