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Saturday, Mar 12, 2005

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Sunil Mittal sells personal stock in Bharti Tele

Our Bureau

New Delhi , March 11

THE Chairman and Group Managing Director of Bharti Televentures, Mr Sunil Mittal, has sold his entire personal stock, accounting for about 0.15 per cent stake in the company, for a consideration of over Rs 60 crore. Mr Mittal sold 3,13,005 shares on March 9 and the balance on Thursday, the company informed the National Stock Exchange.

Bharti executives said that Mr Mittal had only sold the stock held under personal capacity and not those shares held through Bharti Enterprises. According to the notice sent to the NSE, the personal shareholding of Mr Mittal after the sale was nil. When contacted, the company spokesperson confirmed the development and said Mr Mittal sold the shares at an average price of over Rs 220 a share of Rs 10 face value.

Going by the price of Rs 220, Mr Mittal's total earnings from this deal stand at Rs 60.5 crore.

Bharti officials said that the money could be used for personal commitments and for portfolio management. The Mittal family holds about 46.6 per cent stake in Bharti Televentures.

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