Bharti Airtel shares in focus: Promoter entity ICIL to sell 0.56% stake for ₹7,189 crore today

The company will sell shares through one or more share sales on the stock exchanges at a floor price of ₹2,096.70 per share, a 3% discount to Bharti Airtel's closing price of ₹2,161.60 apiece on the NSE on Tuesday, according to a term sheet seen by PTI.

An email query sent to Bharti Airtel did not elicit any reply till the filing of the story, PTI reported.

Under the proposed transaction, the share sale will comprise up to 34.3 million shares (3.43 crore shares), representing 0.56% of the outstanding share capital by the selling shareholder.

As per the term sheet, the transaction is pegged at around $806 million, or about ₹7,189.19 crore.

The transaction is being handled by Goldman Sachs (India) Securities Pvt Ltd as the sole placement agent.

The sale is entirely secondary in nature, meaning no new shares will be issued, and the proceeds will go to the selling shareholders.

Ownership details

ICIL owned a 1.48% stake in Airtel at the end of the September quarter, stock exchange data showed. The promoter entities, including Bharti Telecom Ltd and Singtel's affiliate Pastel Ltd, hold a 50.27% stake in the telecom major.

After the stake sale, ICIL's holding in Bharti Airtel will drop to 0.92% from 1.48%.

Following the completion of the offering, ICIL will be subject to a 90-day lock-up period on its remaining shares in Airtel, restricting any further equity sales during that period.

Earlier this month, Singtel said it had sold about a 0.8% stake in Bharti Airtel for ₹10,353 crore (SGD 1.5 billion), as it continues to proactively optimise its portfolio through asset recycling.

In August this year, ICIL divested nearly a 1% stake in telecom carrier Bharti Airtel for ₹11,227 crore.

In February, Bharti Airtel announced that ICIL had sold Airtel shares worth about ₹8,485.11 crore through a market transaction.

About Bharti Airtel

Bharti Airtel is a global communications solutions provider headquartered in New Delhi, India, that operates in 17 countries across Asia and Africa.

It is one of the leading mobile service providers globally and India's prominent integrated telecom company, offering services like mobile (2G, 4G, and 5G), home broadband, DTH, and a wide range of digital and enterprise solutions.

Airtel's business includes retail services for individuals and families, as well as robust connectivity and digital solutions for businesses.