Bharti Airtel Sheds 5% As Promoters Look To Sell Stake© firstpost.com

Bharti Airtel Sheds 5% As Promoters Look To Sell Stake

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Shares of Bharti Airtel dropped 5.4 per cent to Rs 561 on the BSE on Tuesday after its promoter, Bharti Telecom, sold some stake in the telecom services provider through open market deals today.

At 09:15 am; around 155.71 million equity shares representing 2.85 per cent of total equity of Bharti Airtel changed hands on the BSE, the exchange data shows. The names of the buyers are not ascertained immediately.

According reports, Bharti Telecom, a promoter entity of Bharti Airtel, was to sell 2.75 per cent stake worth $1 billion in the telecom company via block deals on Tuesday morning. Up to 150 million shares will be available for prospective investors through a book-built offering. The shares are being offered to large, high networth investors at 6 per cent discount to the closing price of Rs 593 a share as on March 22. JP Morgan was to manage the sale with a floor price of Rs 558 per equity share, added the report.