Stocks of Bharti Airtel dipped by almost 6% during the early trading hours of Wednesday on the back of reports that Qatar’s sovereign fund is planning to sell its 5% stake in Bharti Airtel via a block block deal in the stock market on Wednesday, to raise upto $1.5 billion.
The shares were trading at Rs 483.70, down by 5.96% on the BSE during morning trading hours on Wednesday.
ET had reported that overseas funds such as DE Shaw and FMR and local insurance companies including ICICI Prudential and HDFC Life are believed to have put in bids for the book which was already oversubscribed.
Singapore’s Singtel owns 36% in Bharti Airtel while Bharti’s promoter group directly and indirectly, owns a little below that.
Qatar Foundation Endowment’s affiliate Three Pillars Pt Ltd, which had invested about $1.26billion in 2013 in the India’s largest telecom player, has put up about 19.9 crore shares for sale in a price range of Rs 473-490 each, as per a term sheet seen by ET.