Bharti Airtel promoter to sell stake worth $1 billion in block deal on 26 May

NEW DELHI : Bharti Telecom Ltd, promoter of Bharti Airtel, will sell $1 billion worth of stake in the mobile operator through a block deal on Tuesday, two sources in the know told Mint.

The block deal involving 2.75% stake sale would be conducted at around ₹558 per share, one of the sources said. The floor price marks a discount of around 6% to the company’s stock price.

On Friday, shares of Bharti Airtel closed at ₹592.95 on the NSE. Stock markets were closed on Monday on account of Eid-Ul-Fitr.