According to an exchange filing, Indian Continental Investment, Mittal’s family’s holding company, sold a 0.84% stake, equivalent to 51 million shares, for ₹8,485 crore ($976 million).
Meanwhile, nearly a quarter of these shares were acquired by another group firm, Bharti Telecom.
Although, the identities of other investors were not disclosed in the transaction, which took place at ₹1,660.46($19.12) per share, slightly below Monday’s closing price of ₹1,675.6 ($19.30), the shares were allocated only to key marquee long-only names, both global and domestic,” the filing claimed.
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The filing stated: “With this, Bharti Telecom now holds around 40.47 per cent of Airtel, reinforcing its previously stated intent of strengthening its position as the principal vehicle to have a controlling stake in Airtel, remaining focused on gradually increasing its stake while maintaining a prudent leverage profile as it does so.
The move comes as Bharti Airtel recently reported a 460.9% surge in consolidated net profit, reaching ₹16,134.6 crore for the third quarter of FY25, compared to ₹2,876.4 crore in the same period last year.
Bharti Airtel has reported a 460.9% surge in consolidated net profit, reaching ₹16,134.6 crore (£1.94 billion) for the third quarter of FY25, compared to ₹2,876.4 crore ($345 million) in the same period last year.
In a statement, Gopal Vittal, vice-chairman and MD, said: “We delivered another consistent quarter with consolidated revenue of 45,129 crores. Indus Towers consolidation is effective this quarter.”
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