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Of the shares sold, 12 million were acquired by Bharti Telecom (BTL)-the main promoter-level controlling company of Bharti Airtel-while the balance shares were lapped up by a host of global and local marquee investors including GQG Partners, Fidelity, Lazard, ICICI Prudential MF and SBI Life, according to people familiar with the matter. Mittal family-backed ICIL sold shares at 1,660 apiece, as per the block deal data.
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The demand is based on a recent stress test held on January 25, and BSE has been asked to provide the required contribution by February 28, one of the sources cited said.
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The brokerage said the estimated Price to Earnings ratio - a popular valuation measure - at 19 times is near its five-year average, while foreign investors are most underweight in 15 years.
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