Bharti Group sells its entire stakes in Future Enterprises

In a significant development, Bharti Group sold off its entire stake of 13.64 per cent in Kishori Biyani-led Future Enterprises, making an exit for an estimated sum of Rs. 240 crore on Tuesday. 
  
Cedar Support Services, a Bharti Group company sold the stakes in Future Enterprises, comprising of 61,919,069 shares aggregating to 13.64 per cent. According to the company’s regulatory filing, the offloading of shares was carried out through block deal and open market transaction. 
  
Future Enterprises’ promoter including Central Departmental Stores and Bennett, Coleman & Company were the major buyers of the shares sold by Bharti Group. Bharti Group company, Cedar is also expected to sell off its 9.23 per cent stake in Future Retail. 
  
In Tuesday’s trade, Future Enterprises ended at Rs. 39.80 per share, up by 1.92 per cent on BSE. The stock had hit an intraday high of Rs. 40.15 per share and an intraday low of Rs. 38.25 per share on BSE during the trade session on Tuesday. 
    
Indian Benchmark indices, S&P BSE Sensex closed at 34,651.24 level, up by 0.10 per cent and NSE Nifty 50 ended at 10,536.70 level, up by 0.19 per cent on Tuesday, respectively.