Bharti Telecom, one of the promoters of Bharti Airtel is looking to sell up 2.75 percent stake in the company for $ 1 billion through a private placement of equity shares to institutional investors. Up to 150 million shares will be available for prospective investors through a book-built offering. The floor price has been set at Rs 558, a 6 percent discount to the Airtel stock's closing price of Rs 593.20 on Friday.

The deal will be put through on the stock exchange platform on May 26. There will be a 90-day lock-in for the promoter after the sale of shares.

(More to follow)

First Published:May 25, 2020 2:33 PM IST