The company said the transaction drew strong demand from marquee domestic and international long-only investors, including both new and existing shareholders of Bharti Airtel.
The placement was predominantly allocated to such investors.
Indian Continent Investment stated that the sale proceeds will be used to strengthen its balance sheet and help maintain a prudent leverage profile.
On Thursday (August 7), CNBC-TV18 reported
, citing sources, that a promoter entity of Bharti Airtel launched a block deal to offload 0.8% equity in the firm for ₹9,310 crore.
The floor price of the deal was set at ₹1,862 per share, as per sources.
At the end of the June quarter, promoter Bharti Telecom held 40.47% stake in the company. Promoter groups Indian Continent Investment and Pastel held 2.47% and 8.32% stake in Bharti Airtel Ltd., respectively.
Bharti Airtel reported a consolidated net profit of ₹5,948 crore in the June quarter, which was below estimates of ₹6,188.3 crore. On a sequential basis, its net profit declined 46% from ₹11,021.8 crore.
The telecom major’s consolidated revenue stood at ₹49,462 crore in the June quarter. This was 3.3% more than the previous quarter’s ₹47,876.2 crore.
Its earnings before interest, taxes, depreciation and amortisation (EBITDA) of ₹27,839 crore was above estimates of ₹27,537 crore. It was also 3.1% higher than the previous quarter’s ₹27,008.8 crore. Its EBITDA margin contracted slightly to 56.3% from 56.4% in the prior quarter.
