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.
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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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