Bharti Telecom to raise ₹7,600 cr through block sale of Airtel shares

Bharti Telecom, the parent company of Bharti Airtel, plans to raise $1 billion (around ₹7,600 crore) through a block deal with a floor price of ₹558 per equity share.

According to sources in the know, the deal (100 per cent secondary placement) is expected to be put through on Tuesday and the promoters plan to sell up to 2.75 per cent in Bharti Airtel.

As per this deal, Bharti Telecom, which holds a 38.79 per cent equity stake in Bharti Airtel, will reduce its holding by up to 2.75 per cent. The total promoter shareholding as per the exchange data is pegged at 58.98 per cent.