Bharti Airtel Shares Dip After ICIL Offloads Rs 7,190 Crore Stake

The Indian Continent Investment Ltd (ICIL), linked to telecom mogul Sunil Bharti Mittal, sold 3.43 crore shares in Bharti Airtel, reducing its stake from 1.48% to 0.92%. The sale, valued at Rs 7,190 crore, led to a 3% drop in Bharti Airtel's shares on the stock exchanges.

The Indian Continent Investment Ltd (ICIL), associated with telecom tycoon Sunil Bharti Mittal, executed a significant sale of shares in Bharti Airtel. On Wednesday, ICIL offloaded 3.43 crore equity shares, equivalent to a 0.56% stake in the telecom company, for an approximate value of Rs 7,190 crore or USD 806 million.

This move impacted Bharti Airtel's market performance, with its stock declining by 3% to Rs 2,097.50 on the NSE and dropping 2.81% to Rs 2,100 on the BSE. The sale was finalized at a floor price of Rs 2,096.70 per share, reflecting a 3% discount from Tuesday's closing price of Rs 2,161.60 per share on the NSE.

ICIL previously held a 1.48% stake at the end of the September quarter, according to stock exchange data. Post-transaction, its stake reduced to 0.92%, aligning with a pattern of ownership restructuring by promoter entities, including Bharti Telecom Ltd and Singtel's affiliate Pastel Ltd, who collectively control a 50.27% shareholding in Bharti Airtel. This sale follows recent divestments, including a Rs 10,353 crore sale by Singtel earlier this month.

(With inputs from agencies.)