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Airtel promoter offloads another 0.98% stake; mop up $1.3 bn via block deal

Airtel promoter offloads another 0.98% stake; mop up $1.3 bn via block deal

Indian Continent Investment Ltd (ICIL), a promoter entity of Bharti Airtel, on Friday sold 60 million shares at about ₹1,871 apiece to mop up ₹11,227 crore ($1.3 billion) – marking one of the largest block deals in the domestic markets.
Names of the buyers weren't disclosed by the stock exchanges. However, banking sources said it included foreign and domestic funds.
Shares of Bharti Airtel fell 3.4 per cent to end at ₹1,859 on Friday — most among Sensex components. With a market capitalisation of ₹10.8 trillion, Airtel is the fourth most valuable company in the country.
This is the second time ICIL has sold a stake in the past year.
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