Indian Continent Investment Limited, a Sunil Mittal-led promoter group entity of Bharti Airtel, has launched a mega block deal through a proposed part stake sale worth a little more than a billion dollars, multiple industry sources in the know told Moneycontrol on the condition of anonymity.

"The transaction has been launched at a floor price of Rs 1,862 per share, which is at a 3.15% discount to the last closing price," one of the persons quoted above said.

A second person confirmed the same and added that investment banks JPMorgan and Jefferies were acting on the proposed trade. "The plan is to dilute around 0.8 per cent stake," this person added.

Indian Continent Investment holds 2.47% stake in Bharti Airtel, as per exchange data.

Bharti Airtel and the banks were unavailable for an immediate comment. The same promoter entity, Indian Continent Investment Limited, has diluted stake earlier in the year as well through the block deal route.

On June 6, Moneycontrol was the first to report that a consortium including Bharti Enterprises Founder and Chairman Sunil Mittal and US private equity major Warburg Pincus had entered into exclusive negotiations with Chinese consumer appliances giant Haier Smart Home Co to pick up a substantial stake in its India arm.