Sunil Mittal's Family to Divest Stake in Bharti Airtel

Sunil Bharti Mittal's family office is set to sell 3.43 crore shares in Bharti Airtel, accounting for a 0.56% stake, valued at approximately Rs 7,190 crore. Conducted through Indian Continent Investment Ltd, the shares will be sold on Indian stock exchanges at a slight discount.

In a notable financial maneuver, Sunil Bharti Mittal's family office has announced the sale of 3.43 crore shares in Bharti Airtel, representing a 0.56% stake in the telecom giant. The transaction, valued around Rs 7,190 crore, will be executed on Wednesday.

Indian Continent Investment Ltd (ICIL), an investment entity linked to the Mittal family, will conduct the stake sale at a floor price set at Rs 2,096.70 per share, slightly below the previous closing price on the NSE. The sale is a secondary offering, meaning no new shares will be issued.

The entire transaction, handled by Goldman Sachs (India) Securities Pvt Ltd, aims to streamline ICIL's holdings. Post-sale, ICIL's stake in Bharti Airtel will reduce from 1.48% to 0.92%. ICIL faces a 90-day lock-up on further sales, ensuring a hold on remaining shares.

(With inputs from agencies.)