India’s Bharti Telecom has accepted bids worth Rs 8,500 crore ($950.04 million) for bonds maturing in two years and in three years and two months as per a Reuters report.
It will pay an annual coupon of 7.30% and 7.40% on these issues and had invited coupon and commitment bids for the issue earlier in the day, they said.
The company did not immediately reply to a Reuters mail seeking comment.
Here is the list of deals reported so far on November 28: Issuer Coupon Issue Tenure (in %) size (in Bidding Ratin bln date g rupees)
* Bharti 2 years 7.30 42.50 November AAA Telecom 28 (Cris il) Bharti 3 years 7.40 42.50 November AAA Telecom and 2 28 (Cris months il) Cholamanda 3 years 7.36 5+5 December AA+ lam 1 (Icra Investment )
*Size includes base plus greenshoe for some issues
ICIL offloads Bharti Airtel’s shares
Bharti Airtel’s promoter entity, Indian Continent Investment(ICIL), on November 26 offloaded 34.2 million shares, accounting for 0.56% stake in the company, through a block deal valued at Rs 7,195 crore.
Goldman Sachs India Securities acted as the sole book-runner, and the settlement took place on November 27.
Following the block deal, Bharti Airtel’s shares fell to an intra-day low of Rs 2,097.50, marking a 3% decline. The stock was among the major losers on the Nifty 50 during the session.
ICIL sold the shares at a floor price of Rs 2,096.70 per share, reflecting a 3% discount compared to Tuesday’s closing price on the NSE.
Third deal this year
This marks the third large block deal involving the promoter group this year. Earlier in November, Singapore-based telecom major Singtel, another promoter entity, offloaded 51 million shares at Rs 2,030 per share, raising Rs 10,300 crore through its subsidiary Pastel. In May, Pastel had also sold 47.6 million shares at Rs 1,800 apiece, raising Rs 8,568 crore.
