Bharti Airtel promoter entity Indian Continent Investment Limited ( ICIL) has launched a block trade to sell part stake in the telco for up to $806 million, multiple industry sources in the know told Moneycontrol.


The offer floor price is Rs 2,096.7/share, a discount of 3% to the last close share price of Rs 2.161.60 on the NSE, as per the term sheet of the proposed deal.

The offer size is 34.3 millon shares (0.56% of the outstanding share capital of ICIL), the term sheet added. Moneycontrol has reviewed a copy of the termsheet.

ICIL has 1.48% stake currently in Bharti Airtel as per exchange data. The firm's total promoter stake stands at 50.27%.

"Goldman Sachs is the investment bank working on the proposed trade," sources added.

When contacted, Bharti Airtel and Goldman Sachs declined to comment.

Earlier this month, Singtel said it had sold a 0.8% stake in Bharti Airtel via its unit Pastel worth $1.16 billion as part of an asset restructuring strategy.