Bharti Airtel trades in green with 1.4% stake changing hands in Rs 8,286-cr block deal

The floor price of the block deal reflected a premium of around 2 percent from Bharti Airtel’s closing price on November 30.

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A block deal involving around 8.1 crore shares, or a 1.4 percent stake, of Bharti Airtel changed hands on the exchanges on December 1 at a floor price of Rs 1,023 each, reflecting a near-2 percent premium to the stock’s last closing price of Rs 1,014.70. The total value of the transaction was Rs 8,286.30 crore.

The shares of Bharti Airtel opened with marginal gains after the deal but managed to hit a record high of Rs 1,020.80. At 9.31 am, the stock traded marginally higher at Rs 1,019.95 on the NSE.

Moneycontrol could not immediately identify the parties involved in the transaction.

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The telecom company’s stock saw strong buying interest in the recent sessions and crossed the Rs 1,000-mark for the first time on November 29.

The rush for Bharti Airtel was fuelled by last week’s reports suggesting that the telecom service provider has begun the process of taking its subsidiary Bharti Hexacom public. If this comes to fruition, it would mark the Bharti Group’s first public offering in over a decade.

The technical setup of the stock also remains bullish as Axis Securities expects it to test levels of around Rs 1,040-1,070 in the coming sessions.

Also Read | Bharti Airtel shares cross Rs 1,000-mark to hit a record high

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