Mumbai, Nov 7 || The stock of Bharti Airtel went down about 4.48 per cent in intra-day trading on Friday, reaching a low of Rs 2,001, following the trading of 5.1 crore shares in the block deal window, with Singapore Telecommunications (Singtel) as the likely seller.
The transaction reportedly occurred at a floor price of Rs 2,030 per share, reflecting a 3.1 per cent discount to Airtel’s previous close of Rs 2,095.
Singtel was set to offload about 0.8 per cent of its stake in the telecom operator, according to multiple reports.
The deal is reportedly valued at around Rs 10,300 crore, according to the term sheet, indicating that the Singtel arm assigned JP Morgan India as the sole broker to oversee the block deal and after contacting numerous institutional investors to build the book for the deal.
This is the second offloading of Bharti Airtel shares by Singtel, after the firm sold a 1.2 per cent stake in Bharti Airtel for approximately $2 billion at Rs 1,814 per share in May this year. Following the sale, Airtel’s share price had risen by about 15 per cent to Rs 2,095.