The floor price is Rs 558 per equity share at a 6% discount to the close price of Rs 593.20 as on May 22 on NSE.
Bharti Telecom holds 38.79 per cent equity stake in Bharti Airtel. (Photo: Getty)
Bharti Telecom, one of the promoters of Bharti Airtel is going to sell up to 2.75 per cent stake worth $1 billion via secondary market block deal, reports suggested on Monday.
The floor price is Rs 558 per equity share at a 6% discount to the close price of Rs 593.20 as on May 22 on the National Stock Exchange, an IANS report stated.
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Currently, Bharti Telecom holds 38.79 per cent equity stake in Bharti Airtel. The total promoter shareholding as per exchange data is listed at 58.98 per cent.
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The same report said that the Singapore Telecom is a strategic partner with Bharti Airtel, J P Morgan is the placement agent for the transaction. This will be a 100 per cent secondary market placement through an accelerated book-build offering of equity shares.
The deal size will be around $ 1 billion for up to 150 million equity shares comprising up to 2.75% of total shares outstanding as of March 31, 2020.
Similar reports were also seen in other news organisations as well.
“Sources say Bharti Airtel promoter to sell up to 2.75% stake via block deal. Co to raise up to $1 bn via share sale of max 15 cr equity shares. Floor price for Bharti Airtel share sale at Rs 558/sh; 6% discount to CMP,” CNBCTV18 said in a tweet.
Sources say Bharti Airtel promoter to sell up to 2.75% stake via block deal. Co to raise up to $1 bn via share sale of max 15 cr equity shares.
Floor price for Bharti Airtel share sale at Rs 558/sh; 6% discount to CMP pic.twitter.com/FoMs7XG5hq
— CNBC-TV18 (@CNBCTV18Live) May 25, 2020
The seller in the transaction is Bharti Telecom Limited and will include a lock-up condition of no intention to sell for 90 days from the seller. The deal will be put through on the stock exchanges on Tuesday (May 26).
(This is a developing story)
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