Taking advantage of the bull run in the stock market, Sunil Mittal, Chairman and Group Managing Director of India's largest GSM based cellular company Bharti Televentures, has sold his entire personal shares in the company for a consideration of over Rs 60 crore.
Mittal sold 3,13,005 shares on March 9 and balance yesterday, the company informed the National Stock Exchange.
According to the notice, the personal shareholding of Sunil Mittal after the said sale was nil. However, he still continues to hold 46.4 per cent in Bharti Tele-Ventures through the holding company, Bharti Enterprises.
When contacted the company spokesperson confirmed the development and said Mittal sold shares at an average price of over Rs 220 a share of Rs 10 face value.
Going by the price of Rs 220, Mittal's total earnings from this deal stand at Rs 60.5 crore.
The officials termed the sale of shares as 'personal commitments and for portfolio management.'