Indian Continent Investment, a Sunil Mittal-led promoter entity in Bharti Airtel, may offload nearly 0.8% stake in the telecom company for over Rs 9,300 crore in a block deal on the exchanges on Friday, according to a term sheet seen by ET. The firm will sell 5 crore shares in the telecom operator, it said.
The deal may be executed at a floor price of Rs 1862 per share, a 3% discount to Thursday’s closing price of Rs 1,922.6.
Bharti Airtel did not respond to ET’s emailed queries as of press time.
Promoters owned a 51.25% stake in Bharti Airtel as of June 30. Indian Continent Investment held a 2.47% stake in the company, while Bharti Telecom owned 40.47%.