Bharti Airtel Promoter Sells Stake Worth Rs 11,200-Crore Via Block Deal
The seller, Indian Continent Investment, held 2.47% stake in Bharti Airtel as of June-end.
Bharti Airtel Ltd.'s promoter, Indian Continent Investment, on Friday offloaded nearly 1% stake worth Rs 11,200 crore in a block deal.
The promoter offloaded six crore shares for an average price of Rs 1,871.18 apiece, according to the NSE. As of June, Indian Continent Investment held 2.47% stake in the telecom giant.
According to the term sheet accessed by NDTV Profit on Thursday, Jefferies India and JP Morgan India are the managers for the deal.
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
The stock settled 3.33% lower at Rs 1,858.60 apiece on the NSE, compared to a 0.95% advance in the benchmark Nifty 50.
Airtel's shares have risen 28.02% in the last 12 months and 17.06% 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 2,092.56 implies a potential upside of 12.6%.
