7 Dec 2023 , 11:40 AM
Bharti Airtel stock trades 2% lower on December 7 after a block deal of 1.8 crore shares (0.8% stake) worth Rs 1,856 crore took place.
The buyer and seller in the block deal remain unidentified, but reports suggest Warburg Pincus is looking to offload a stake in Bharti Airtel, aiming to raise $211 million by offering 1.75 crore shares at a floor price of Rs 1,005 apiece.
Bharti Airtel is currently trading at Rs 1,000.45 on the National Stock Exchange, down 2.34% from the previous close.
If Warburg Pincus is the seller, this would be the second time the private equity giant has offloaded a stake in Bharti Airtel. In June, it sold shares worth Rs 1,649 crore through Lion Meadow Investment Ltd.
Warburg Pincus is expected to exit IDFC First as well, marking a series of exits from Indian companies this year.
In 2017, Warburg Pincus’ affiliate announced the acquisition of around 20% stake in Bharti Telemedia Limited, the DTH arm of Airtel, for approximately $350 million.
Besides Bharti Airtel and IDFC, Warburg Pincus has investments in Indian entities such as Biba, Boat, Ecom Express, etc.
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