Qatar-based Three Pillars PTE to sell 5% stake in Airtel via block deal

MUMBAI: Qatar based Three Pillars PTE will offload its entire 5% holding in Bharti Airtel through a block deal on Wednesday. As per a term sheet, Three Pillars will sell 19.99 crore shares of Bharti Airtel in a price range between Rs 473 and Rs 490 per share.

oreDepending on the pricing, the share-sale could fetch anywhere between Rs 9454 crore and Rs 9764 crore. The lower end of the price band is nearly 8% discount while higher end is 5% discount to Tuesday’s closing price of Rs 514. . Shares of Bharti Airtel declined 3.45% on Tuesday.

UBS Securities India will act as the sole book running lead manager for the transactions. The other major public shareholder of Bharti Airtel includes ICICI Prudential Mutual Fund (1.01%), ICICI Prudential Life Insurance (3.96%) and LIC (3.96%).