Bharti Airtel Ltd. shares witnessed significant block trades on Friday, May 16, with around 3.1 crore shares changing hands on the exchanges. The transaction amounts to nearly 3.1% of the telecom major’s total outstanding equity.
The shares were exchanged at an average price of ₹1,820 per share, taking the total transaction value close to ₹5,700 crore. Although the buyers and sellers involved in the deal are yet to be officially confirmed, CNBC-TV18, citing a term sheet, reported that Singtel’s investment arm, Pastel Ltd., was likely the seller in this transaction.
The floor price for the block deal was fixed at ₹1,800 per share, representing a 3.6% discount to Bharti Airtel’s Thursday closing price. However, the transaction was executed at ₹1,820 per share, which is above the set floor price.
Additionally, there will be a 60-day lock-up period imposed on further sale of the shares involved in the transaction, according to the deal terms.
JPMorgan is reportedly the broker facilitating the deal. As per Bharti Airtel’s March quarter shareholding pattern, Pastel Ltd. holds a 9.49% stake in the telecom company.
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