TIL Desk/Business/New Delhi/ Bharti Telecom is selling upto $1 billion of its shares in Bharti Airtel through a secondary market block deal on Tuesday. Bharti Telecom is the holding company of Bharti Airtel. Bharti Telecom holds 38.79 per cent equity stake in Bharti Airtel which will reduce by upto 2.75 per cent after the block deal. The total promoter shareholding as per exchange data is listed at 58.98 per cent.
Singapore Telecom is a strategic partner with Bharti Airtel, J P Morgan is the placement agent for the transaction. This will be a 100 per cent secondary market placement through an accelerated book-build offering of equity shares. The floor price is Rs 558 per equity share at a 6% discount to the close price of Rs 593.20 as on May 22 on the National Stock Exchange.
The deal size will be around $ 1 billion for up to 150 million equity shares comprising up to 2.75% of total shares outstanding as of March 31, 2020. The seller in the transaction is Bharti Telecom Limited and will include a lock up condition of no intention to sell for 90 days from the seller.
