Billionaire Backed Firm Sells Stake in Bharti Airtel for Rs 11,227 Crore

Indian Continent Investment Ltd, promoted by billionaire Sunil Bharti Mittal, sold nearly one percent stake in Bharti Airtel to reap Rs 11,227 crore. The transaction saw 6 crore shares sold, reducing ICIL's and promoters' holdings in the Gurugram-based telecom giant.

Indian Continent Investment Ltd, a firm promoted by billionaire Sunil Bharti Mittal, divested nearly one percent of its equity in Bharti Airtel on Friday, earning Rs 11,227 crore through open market sales.

The entity offloaded a total of 6 crore shares in two tranches, representing a 0.98 percent stake, at prices ranging between Rs 1,870.40 to Rs 1,871.95 per share.

This sale reduced ICIL's stake in Bharti Airtel from 2.47 percent to 1.49 percent, with promoter holdings decreasing to 50.27 percent. Bharti Airtel's shares dropped by 3.28 percent, closing at Rs 1,859.50.

(With inputs from agencies.)