News National Promoters of Bharti Airtel, all set to sell shares worth $1 Billion...

Promoters of Bharti Airtel, all set to sell shares worth $1 Billion through block deals

The promoter of Bharti Airtel, Bharti Telecom are all set to sell shares worth $1 Billion, or more than 7600 Crore. The sale has been carried to clear of the debt, the sale is expected to be through block deals on Tuesday on the stock exchanges.

Bharti Airtel

The company has followed the path of Reliance Industries, which has sold small stakes to Facebook, Silver lake, KKR worth over 78,500 Crore.

According to Business Standard, Bharti Telecom will sell 150 million shares, equivalent to 2.75 % stake in Bharti Airtel through an accelerated book build offer. The floor price of each share has been fixed to 558 at a discount of 6% over last closing price 593.20 on May 22.

ALSO READ: KKR to acquire 2.32% stake in Reliance Jio for whooping investment of ₹11,637 Crore

The promoters are estimated to make over 5000 Crore by selling these 150 million shares. The net debt of Airtel has come down to 88,251 Crore on March 31 from 1.082 trillion.

The promoter Bharti Telecom hold around 41% stake in the company, while foreign entities holds around 21.46% stake and public shareholders holds about 37% stake.

Reportedly Airtel incurred a consolidated net loss of 5,237 Crore for the quarter ended March 2020, against a Net Profit of 107.2 Crore in the past year. According to reports the buyers are likely to include Fidelity, Seganti Capital, Norges Bank, HDFC Mutual Fund, SBI Mutual Fund and Birla Mutual Fund.

Sourav Chakraborty
Trying to walk on the path of hard work to attain Success!!! Writer and Co-founder of InfotOnline

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