New Delhi : Sunil Bharti Mittal’s Bharti Group on Thursday sold more than half of its stake in Kishore Biyani’s Future Retail for nearly of Rs 1,697 crore, through open market transactions.

Bharti Group entity Cedar Support Services disposed of 3.03 crore shares, amounting to 6.04 per cent stake in Future Retail, data available with the NSE showed.

The shares were offloaded at an average price of Rs 560.01, valuing the transaction at Rs 1,696.83 crore.

Cedar, which held 9.23 per cent stake in Future Retail as on March 31, 2018, had recently exited from Biyani’s Future Enterprises.

Among the buyers of the shares was Pi Opportunities Fund I and Pioneer Investment Fund. Pi Opportunities Fund I bought 2.27 crore shares at an average price of Rs 560 for a total of Rs 1,272.71 crore. Pioneer Investment Fund picked up 71.43 lakh shares at an average price of Rs 560 for Rs 400 crore.

Last month, Cedar had exited Future Enterprises by selling its 13.64 per cent stake for nearly Rs 243 crore.

In May 2015, Future group had acquired Bharti group’s retail business under the EasyDay chain in an all-stock deal worth Rs 750 crore to create one of the biggest supermarket chains.

Airtel plans 7,000 broadband sites

MUMBAI: Telecom service provider Bharti Airtel has announced massive network deployment plans for Mumbai. The company plans to roll out 7,000 new mobile sites including large scale deployment of pre-5G Massive MIMO technology across Mumbai to significantly boost network capacity for high-speed data and voice services. Airtel did a pilot of pre-5G Massive MIMO technology in Wankhede and it was a success. So, based on that the company has decided to recognise public spots that have large number of people and will have huge data consumption.

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