ICIL to sell Rs 7,195 cr stake in Bharti Airtel, reducing holding below 1%; check details
Airtel’s promoter entity Indian Continent Investment Ltd prepares to offload a significant stake, following recent robust financial results and stake sales by other major shareholders.
- Nov 25, 2025,
- Updated Nov 25, 2025 7:01 PM IST
Indian Continent Investment Ltd (ICIL), the promoter entity of Bharti Airtel, is set to execute a large block trade on Wednesday, aiming to sell approximately 3.43 crore shares of the telecom major. This transaction, routed through the block deal window, equates to about 0.56% of the company’s total equity and carries a value of roughly $806 million (Rs 7,195 crore) at the offer price. The move comes amid ongoing ownership adjustments among major stakeholders and builds on the recent momentum from Airtel’s strong quarterly results.
The block trade will be conducted at a floor price of Rs 2,096.7 per share, representing a 3% discount to Bharti Airtel’s last closing price of Rs 2,161.6 on the National Stock Exchange. Following the transaction, ICIL’s holding will drop below 1% of the company’s equity, with a mandatory 90-day lock-up on its remaining stake. Goldman Sachs (India) Securities has been appointed as the sole placement agent for the deal, according to the term sheet.
ICIL, which held about 1.48% in Bharti Airtel as of September 2025, will see a marked reduction in its ownership after this sale. The planned transaction is part of broader ownership changes among Airtel’s key shareholders in recent months, reflecting evolving strategies among the company’s promoters. The share sale is expected to further diversify Airtel’s investor base.
Earlier in November, Singapore Telecommunications Ltd (Singtel) divested approximately 0.8% of its stake in Bharti Airtel. Singtel stated that the sale was part of its ongoing initiative to “restructure and optimise its holdings in regional telecom ventures.” These deals collectively underline a period of strategic realignment for Airtel’s major stakeholders.
The block trade announcement follows a robust second-quarter performance from Bharti Airtel. The company recorded a 6% quarter-on-quarter rise in consolidated EBITDA, driven by stronger-than-expected growth in both its India wireless operations and Airtel Africa. The company’s Average Revenue Per User (ARPU) increased ahead of market expectations, while its consolidated free cash flow remained healthy at Rs 14,600 crore.
Bharti Airtel has reiterated that its capital expenditure for India (excluding Indus Towers) is expected to moderate further in FY26 from FY25 levels, enhancing future cash generation. Analysts predict that Airtel’s premiumisation strategy, combined with a likely tariff increase in December 2025, could help boost revenues and free cash flow significantly over the next two years. Motilal Oswal estimates the company could generate Rs 1 lakh crore in free cash flow between FY26 and FY27.
Market analysts anticipate further improvement in ARPU over the coming quarters, supported by strong domestic business momentum and better performance from Airtel Africa. Motilal Oswal, in its latest note, has maintained a "Buy" rating on Bharti Airtel, with a target price of Rs 2,365, citing ongoing strength in both its domestic and African markets. The brokerage expects Airtel’s revenue and EBITDA to grow at a compound annual growth rate of 15% and 18%, respectively, between FY25 and FY28, fuelled by tariff hikes, broadband expansion, and continued African business performance.
Despite Airtel's stock rallying 35% year-to-date and outperforming the Nifty’s 9% gain, Motilal Oswal notes that the company's risk-reward remains attractive. The brokerage points to the potential for a tariff revision to strengthen Airtel’s balance sheet and earnings outlook, reinforcing its positive stance with the recommendation: "Buy." On Tuesday, shares of Airtel closed 0.46% higher at Rs 2,160.7 on the BSE.
Indian Continent Investment Ltd (ICIL), the promoter entity of Bharti Airtel, is set to execute a large block trade on Wednesday, aiming to sell approximately 3.43 crore shares of the telecom major. This transaction, routed through the block deal window, equates to about 0.56% of the company’s total equity and carries a value of roughly $806 million (Rs 7,195 crore) at the offer price. The move comes amid ongoing ownership adjustments among major stakeholders and builds on the recent momentum from Airtel’s strong quarterly results.
The block trade will be conducted at a floor price of Rs 2,096.7 per share, representing a 3% discount to Bharti Airtel’s last closing price of Rs 2,161.6 on the National Stock Exchange. Following the transaction, ICIL’s holding will drop below 1% of the company’s equity, with a mandatory 90-day lock-up on its remaining stake. Goldman Sachs (India) Securities has been appointed as the sole placement agent for the deal, according to the term sheet.
ICIL, which held about 1.48% in Bharti Airtel as of September 2025, will see a marked reduction in its ownership after this sale. The planned transaction is part of broader ownership changes among Airtel’s key shareholders in recent months, reflecting evolving strategies among the company’s promoters. The share sale is expected to further diversify Airtel’s investor base.
Earlier in November, Singapore Telecommunications Ltd (Singtel) divested approximately 0.8% of its stake in Bharti Airtel. Singtel stated that the sale was part of its ongoing initiative to “restructure and optimise its holdings in regional telecom ventures.” These deals collectively underline a period of strategic realignment for Airtel’s major stakeholders.
The block trade announcement follows a robust second-quarter performance from Bharti Airtel. The company recorded a 6% quarter-on-quarter rise in consolidated EBITDA, driven by stronger-than-expected growth in both its India wireless operations and Airtel Africa. The company’s Average Revenue Per User (ARPU) increased ahead of market expectations, while its consolidated free cash flow remained healthy at Rs 14,600 crore.
Bharti Airtel has reiterated that its capital expenditure for India (excluding Indus Towers) is expected to moderate further in FY26 from FY25 levels, enhancing future cash generation. Analysts predict that Airtel’s premiumisation strategy, combined with a likely tariff increase in December 2025, could help boost revenues and free cash flow significantly over the next two years. Motilal Oswal estimates the company could generate Rs 1 lakh crore in free cash flow between FY26 and FY27.
Market analysts anticipate further improvement in ARPU over the coming quarters, supported by strong domestic business momentum and better performance from Airtel Africa. Motilal Oswal, in its latest note, has maintained a "Buy" rating on Bharti Airtel, with a target price of Rs 2,365, citing ongoing strength in both its domestic and African markets. The brokerage expects Airtel’s revenue and EBITDA to grow at a compound annual growth rate of 15% and 18%, respectively, between FY25 and FY28, fuelled by tariff hikes, broadband expansion, and continued African business performance.
Despite Airtel's stock rallying 35% year-to-date and outperforming the Nifty’s 9% gain, Motilal Oswal notes that the company's risk-reward remains attractive. The brokerage points to the potential for a tariff revision to strengthen Airtel’s balance sheet and earnings outlook, reinforcing its positive stance with the recommendation: "Buy." On Tuesday, shares of Airtel closed 0.46% higher at Rs 2,160.7 on the BSE.