Sunil Mittal’s company sold 0.84% stake in Airtel: Indian Continental sold 5.1 crore shares of Airtel for ₹8,485 crore
Billionaire-founder Sunil Bharti Mittal’s company Indian Continental Investment Limited on Tuesday (18 February) sold its stake of $976 billion i.e. Rs 8,485 crore in Bharti Airtel. This means that the company has sold 0.84% stakes i.e. 51 million shares (5.1 crore shares) of Bharti Airtel.
Indian Continental Investment has sold Airtel shares to raise funds. The company has given this information in the exchange filing. About a quarter of the 5.1 crore shares have been bought by another group company Bharti Telecom Limited.
Bharti Telecom now has 40.47% stake in Airtel
With this, Bharti Telecom now has 40.47% stake in Airtel. Bharti Telecom bought about 1.2% stake in Airtel from Indian Continental in November. The names of other investors in the deal have not been disclosed. Indian Continental has sold Airtel shares at a price of Rs 1,660.46 per share in the deal.
This sale of Airtel shares comes at a time when Sunil Mittal is expanding his business operations abroad with investments in Africa and UK-based satellite company OneWeb. OneWeb is set to merge with Eutelsat in 2023. A unit of Bharti Enterprises Ltd bought a 24.5% stake in BT Group PLC last year.
