MUMBAI: Indian Continent Investment, an entity led by billionaire Sunil Mittal, will sell a stake worth at least $806 million in telecom operator Bharti Airtel in bulk deals, a document detailing the deal terms showed on Tuesday.
ICIL, which over the last few months has been paring its hold in Bharti Airtel and as of September-end owned a 1.48% stake in the company, will sell 34.3 million shares at a floor price of 2,096.70 rupees, the document showed.
That implies a 3% discount to the company’s Tuesday closing price of 2,161.60 rupees.
Singtel sells about $1.2 billion stake in India’s Bharti Airtel
Goldman Sachs Securities is the placement agent for the deal, the document showed.
Bharti Airtel and Goldman Sachs did not immediately respond to Reuters’ requests for comment.
Shares of the company ended 0.44% higher on Tuesday. They are up 36% this year.
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