Mittal-backed ICIL sells 0.84% in Airtel via Rs 8,485.11 cr block deal

Indian Continent Investment Ltd (ICIL), a Sunil Mittal-led promoter group entity of Bharti Airtel, has sold a 0.84% stake (or 5.11 crore shares) in the Indian telco through a block deal for Rs 8,485.11 crore.

The shares were acquired by Bharti Telecom Ltd (BTL) — the main controlling company of Bharti Airtel — and a clutch of global and local marquee investors, including GQG Partners, Fidelity, Lazard Capital, ICICI Pru, SBI Life, SBI Pension amongst others, people aware of the block deal details told ET.

“Indian Continent Investment Limited (‘ICIL’) has sold 0.84% shareholding in Airtel through a market transaction, for an aggregate amount of Rs 8,485.11 crore. Bharti Telecom Ltd, the promoter of Airtel, anchored the trade by acquiring 1.20 crore shares (24% of ICIL’s sale of today), helping the overall book to be allocated only to key marquee long only names, both global and domestic,” BTL said in an exchange filing Tuesday.


Following the latest block deal, Bharti Telecom Ltd (BTL) — the main controlling company of Airtel — has further increased its holding in the Indian telco to 40.47%. “BTL now holds 40.47% of Airtel, reinforcing its previously stated intent of strengthening its position as the principal vehicle to hold controlling stake in Airtel, remaining focused on gradually increasing its stake while maintaining a prudent leverage profile as it does so,” BTL said in the exchange filing.

In morning trade, Airtel shares were down 0.2% to Rs 1660 on BSE Tuesday.

The latest acquisition follows BTL’s recent acquisition of an additional 1.2% stake in Airtel from ICIL last November via an off-market transaction.