Bharti Telecom to raise $1 billion via block sale of Airtel shares

Bharti Telecom, parent company of Bharti Airtel, is planning to raise $1 billion by selling shares in the mobile phone operator through a block deal on Tuesday at Rs 558 a unit, according to a term sheet of the planned sale seen by ET.

“A block deal is expected tomorrow. Promoters plan to sell up to 2.75 per cent stake,” a banker said.

Airtel didn’t immediately respond to ET’s emailed queries.

Airtel’s shares ended 0.2 per cent down at Rs 593 on Friday. Both BSE and NSE were shut for trading on Monday.