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.

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.

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.

 

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)