NEW DELHI: Sunil Bharti Mittal-backed Indian Continent Investment Limited (ICIL) offloaded Rs 8,500 crore worth of shares in Bharti Airtel on Tuesday.
As per a statement by the company, ICIL sold 5.11 crore shares of Bharti Airtel through a block deal. Bharti Telecom, one of the largest promoters of Bharti Airtel, acquired 1.20 crore of those shares worth Rs 2,000 crore. As per information available on exchanges, foreign investors bought shares worth Rs 5,581 crore, while domestic investors acquired shares worth Rs 754 crore.
GQG Partners through its different funds acquired around Rs 4,000 crore worth of shares, the largest among the FIIs. Vanguard International Value Fund acquired shares worth Rs 282 crore and White-Oak India Equity Fund bought Rs 134 crore shares.
Prior to the transaction, ICIL held 3.31% in Airtel. “Indian Continent Investment Limited (ICIL), a promoter-group entity of Bharti Airtel, has today sold 0.84% shareholding (5.11 crore shares) in Airtel via a market transaction, for an aggregate amount of Rs 8,485.11 crore,” Airtel said on Tuesday in an exchange filing. It said Bharti Telecom anchored the trade by acquiring 1.20 crore shares (24% of ICIL’s sale of today), helping overall book to be allocated to key marquee long only names, both global and domestic.
This transaction marks the second significant stake purchased by Bharti Telecom in recent months. In November 2024, the company had acquired 1.2% stake in Bharti Airtel from ICIL. With this latest transaction, Bharti Telecom’s stake in Airtel has increased to about 40.47%. The company said this reaffirmed its commitment to strengthening its position as the principal vehicle to hold a controlling stake in Airtel, while maintaining a prudent leverage profile.
“With this, Bharti Telecom holds 40.47% of Airtel, reinforcing its intent of strengthening its position as principal vehicle to hold controlling stake in Airtel, remaining focused on gradually raising its stake while maintaining a leverage profile as it does so,” said the company.
ICIL is owned by Mittal, founder and chairman of Bharti Airtel, and his family. The company serves as an investment arm of Mittal family, holding major stakes in various companies, including Airtel. Share prices of Airtel closed at Rs 1,669.50, down Rs 6.05 or 0.36% from its previous closing price.