New Delhi: Telecom czar Sunil Bharti Mittal’s family office-owned ICIL on Wednesday raised Rs 7,195 crore by selling a 0.56 per cent stake in Bharti Airtel to long-term investors through an open market transaction.
Indian Continent Investment Ltd (ICIL) is one of the promoter entities in city-based Bharti Airtel.
According to a regulatory filing, “The transaction attracted strong interest, receiving robust orders from marquee domestic and international long-only investors. Both new and existing shareholders of Airtel participated, with the placements majorly allocated to long-only investors”.
According to the bulk deal data available on the National Stock Exchange (NSE), ICIL offloaded a total of 3.43 crore shares, representing a 0.56 per cent stake in the City-based Bharti Airtel.
The shares were disposed of at an average price of Rs 2,097.81 apiece, taking the deal value to Rs 7,195.49 crore.
Details of the buyers of Bharti Airtel’s shares could not be ascertained on the exchange.
After the latest transaction, ICIL’s holding in Bharti Airtel dropped to 0.92 per cent from 1.48 per cent.
The promoter entities, including Bharti Telecom Ltd and Singtel’s affiliate Pastel and Viridian, hold a 50.27 per cent stake in the telecom major, at the end of the September quarter, exchange data showed.
On Wednesday, Bharti Airtel’s promoter entity ICIL, in the filing, said that it has sold 0.56 per cent shareholding (34.30 million shares) in the flagship through a market transaction for an aggregate amount of Rs 7,200 crore.