Bharti Airtel Shares In Focus As Mittal Family To Offload Rs 7,200-Crore Worth Shares
The Mittal family has mopped up close to Rs 31,200 crore in the last one year by selling its directly held stake, as per NDTV Profit calculations.
Shares of telecom giant Bharti Airtel Ltd. are in focus on Wednesday as promoter Mittal family is set to offload equity worth Rs 7,193 crore via large deals in the secondary market.
Indian Continent Investment Ltd., a foreign promoter entity, will float 3.43 crore shares or 0.56% equity at a floor price of Rs 2,096.7 apiece, according to the termsheet. The floor price represents a 3% discount to Tuesday's closing.
The promoters own 50.27% stake in Bharti Airtel as of September, according to the shareholding pattern on the BSE.
The Mittal family has mopped up close to Rs 31,200 crore in the last one year by selling its directly held stake, as per NDTV Profit calculation.
Earlier this month, Singtel, the Singapore-based telecommunications giant, sold Airtel shares through its subsidiary, Pastel Ltd. worth Rs 10,354 crore. The firm had sold shares worth Rs 8,568 crore through block deals in May. Singtel has been a strategic investor in India's leading telecom provider since 2000.
Bharti Airtel shares settled 0.5% higher at Rs 2,160.75 on the BSE, ahead of the news, compared to a 0.4% decline in the benchmark Sensex. The stock has 35% so far this year.
Out of the 31 analysts tracking the company, 25 maintain a 'buy' rating, two recommend a 'hold,' and four suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target of Rs 2,292 implies an upside of 2%.
