Bharti Airtel Ltd.'s promoter, Indian Continent Investment, is likely to offload stake worth Rs 9,310 crore in a block deal on Friday, according to the term sheet accessed by NDTV Profit.
Indian Continent Investment will offload up to five crore shares representing 0.8% of equity through the block deal. The offer price for the deal is set at Rs 1,862 per share, which marks a 3.15% discount to the previous closing price of Rs 1,922.6 per share.
Jefferies India and JP Morgan India are the managers for the deal.
As of June, Indian Continent Investment held 2.47% stake in the telecom giant.
Notably, the telco's major promoter, Bharti Telecom, had acquired a 1.2% stake in the company from Indian Continent Investment on Nov. 7, 2024, according to a PTI report.
Bharti Airtel Q1 Performance
Earlier this month, Bharti Airtel announced its first quarter results. The telecom giant reported a 46% decline in consolidated bottom line to Rs 5,948 crore, as against Rs 11,022 crore in the preceding quarter.
The average revenue per user — a key metric to track the health of telcos — went up 2.1% from Rs 245 to Rs 250.
Bharti Airtel Share Price Today
Before the likely block deal details emerged, the stock settled 0.37% lower at Rs 1,922.60 apiece on the NSE, compared to a 0.09% advance in the benchmark Nifty 50.
Airtel's shares have risen 33.35% in the last 12 months and 21.09% year-to-date.
Out of 33 analysts tracking the company, 26 maintain a 'buy' rating, three recommend a 'hold' and four suggest 'sell', according to Bloomberg data. The average 12-month consensus price target of Rs 2,088.91 implies a potential upside of 8.7%.
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