New Delhi, Aug. 7 -- Indian Continent Investment Ltd, a promoter group entity of Bharti Airtel, will sell about 50 million of shares, or 0.8% of its stake worth $1.06 billion, according to a term sheet accessed byMinton Thursday.

The transaction is expected to take place on Friday, 8 August. Jefferies and JP Morgan are managing the deal, the term sheet showed.

The Sunil Mittal-led promoter group entity of Bharti Airtel will offload the shares at an offer price of Rs.1,862 per share, which represents a 3% discount to the scrip's last closing price.

On Thursday, shares of Bharti Airtel closed at Rs.1,920.10 on the National Stock Exchange (NSE), down 0.5% from Wednesday. The stock has risen 20.3% since the beginning of this year.

As of J...