Bharti Airtel share price drops over 2% following news of Warburg Pincus $211 million stake sale
Bharti Airtel share price fell over 2% on Thursday’s session following news reports that stated that Warburg Pincus, international private equity firm, was looking to offload a stake in Bharti Airtel as it continues to pare its stakes in several Indian companies. Bharti Airtel share price today opened at ₹1,015 apiece on BSE.
According to Rajesh Bhosale, Equity Technical and Derivative Analyst, Angel One, Bharti Airtlel is in a strong uptrend, but this week, while there’s a strong broad base buying in the market, this stock has not participated in the rally and in fact has slipped lower this week. Going ahead, further price corrections can be expected with 970 as support and 1030 as resistance.
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On December 6, as per media reports Warburg Pincus planned to raise $211 million by selling 17.5 million Bharti Airtel shares in a block deal at a floor price of ₹1,005 per share.
The US private equity firm is selling its stake in Bharti Airtel for the second time. It made an open market sale of shares in June for a total of ₹1,649 crore. This was done through Warburg Pincus affiliate Lion Meadow Investment Ltd, said moneycontrol in its report.
The US private equity behemoth was expected to sell its holdings in Bharti Airtel and IDFC First Bank following its exit from Computer Age Management Services Ltd (CAMS) in a sizable ₹2,700 crore block sale, according to a CNBC-TV18 news report.
Warburg Pincus affiliate, sold more than 97 lakh CAMS shares on the BSE.
(more to come)
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Published: 07 Dec 2023, 10:28 AM IST
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