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- Billionaire Sunil Mittal’s Firm Sells Airtel Stake Worth 976 Million Dollars
Mumbai7 minutes ago
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Indian Continental Investment Limited, a company of Billionaire-Founder Sunil Bharti Mittal, has sold a stake of $ 976 billion, or Rs 8,485 crore to Bharti Airtel on Tuesday (February 18). This means that the company has sold 0.84% Stax, 51 million shares (5.1 crore shares) of Bharti Airtel.
Indian Continental Investments have sold shares of Airtel to raise funds. The company has given this information in the exchange filing. Out of 5.1 crore shares, about a quarter of the share group, Bharti Telecom Limited, another company, has been purchased.
Bharti Telecom now has 40.47% stake in Airtel
With this, Bharti Telecom has now got 40.47% stake in Airtel. Bharti Telecom purchased about 1.2% stake in Airtel from Indian Continental in November. The names of other investors are not mentioned in the deal. Indian Continental has sold Airtel shares in the deal at a price of Rs 1,660.46 per share.
Airtel shares give 46% returns in a year
Airtel’s stock closed at Rs 1,669.50 with a decline of 0.36% today. The company’s stock has given 14% returns to its investors in the last 6 months and 46% in a year. The company’s market cap is Rs 9.99 lakh crore.
The sales of Airtel’s shares have taken place at a time when Sunil Mittal is expanding its business operations abroad with investment in Africa and UK -based satellite company OneWeb. Onewab was merged with YouTelsat in 2023. A unit of Bharti Enterprises Limited bought a 24.5% stake in BT Group PLC last year.
