Bharti Enterprises sells Future Retail's stake worth around Rs 300 cr

Bharti Enterprises Thursday sold over 57 lakh shares of Future Retail for around Rs 300 crore through open market operations.

The shares were bought by Edelweiss group, according to the block deal data available with BSE.

Bharti disposed of 56.93 lakh shares, amounting to 1.13 per cent stake in Kishor Biyani-led Future Retail.

The shares were offloaded at an average price of Rs 525.9 translating into a transaction of Rs 299.3 crore.

Edelweiss group firm Ecap Equities Ltd bought 16.5 lakh shares worth over Rs 87 crore while Edelweiss special opportunities fund purchased 40.43 lakh shares valuing Rs 212 crore.

Shares of Future Retail closed at Rs 504.25, down by 4.23 per cent.

In June, Bharti group entity Cedar Support offloaded 6 per cent stake in future retail for Rs 1,697 crore through open market transactions.

Earlier in May 2015, Future Group had acquired Bharti Group's retail business under the EasyDay chain in an all-stock deal worth Rs 750 crore to create one of the biggest supermarket chains. Following the deal, Bharti Group's retail business had merged with Future Retail.

(With inputs from agencies.)