The placement was predominantly allocated to such investors.
Indian Continent Investment stated that the sale proceeds will be used to strengthen its balance sheet and help maintain a prudent leverage profile.On Thursday (August 7), CNBC-TV18 reported
citing sources, that a promoter entity of Bharti Airtel launched a block deal to offload 0.8% equity in the firm for ₹9,310 crore.
The floor price of the deal was set at ₹1,862 per share, as per sources.
At the end of the June quarter, promoter Bharti Telecom held 40.47% stake in the company. Promoter groups Indian Continent Investment and Pastel held 2.47% and 8.32% stake in Bharti Airtel Ltd., respectively.
Bharti Airtel reported a consolidated net profit of ₹5,948 crore in the June quarter, which was below estimates of ₹6,188.3 crore. On a sequential basis, its net profit declined 46% from ₹11,021.8 crore.
The telecom major’s consolidated revenue stood at ₹49,462 crore in the June quarter. This was 3.3% more than the previous quarter’s ₹47,876.2 crore.
Its earnings before interest, taxes, depreciation and amortisation (EBITDA) of ₹27,839 crore was above estimates of ₹27,537 crore. It was also 3.1% higher than the previous quarter’s ₹27,008.8 crore. Its EBITDA margin contracted slightly to 56.3% from 56.4% in the prior quarter.
