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Bharti Airtel Shares Fall 5% On Promoter’s Stake Sale Plan

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Shares of Bharti Aitel in early trade on May 26, 2020 fell as much as 5.4% to day's low of Rs.561.1 per share on the BSE.

Bharti Airtel Shares Fall 5% On Promoter’s Stake Sale Plan
 

This is after one of the company's promoter Bharti Telecom is seeking to pare its 2.75% stake in the company via private placement to institutional investors for $1 billion. For potential investors, up to 150 million equity shares shall be made available via the book-building process. For the deal, floor price is pegged at Rs. 558, which is a 6% discount to the closing price of Airtel of Rs. 593.3 as on May 22.

Subsequent to the sale of shares, there will be a 90-day lock-in for the promoter entity.

Shares of Airtel were last trading at Rs. 574.8, down Rs. 18.20 or 3.07% per share on the BSE.

GoodReturns.in

Read more about: bharti airtel
Story first published: Tuesday, May 26, 2020, 9:24 [IST]
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