** Shares of Bharti Airtel BRTI.NS fall 1.5% to 1600 rupees

** Founder Sunil Mittal-led entity will sell a stake worth at least $806 million in co via bulk deals, according to a term sheet seen by Reuters

** Indian Continent Investment to offload stake at a floor price of 2,096.70 rupees, 3% discount to Tuesday close

** 34.4 million shares change hands in two block deals worth 72.27 billion rupees ($809.97 million) in the range of 2102.10 rupees to 2102.40 rupees - LSEG data showed as of 9:25 a.m. IST

** As of Sept. 30, ICIL owned a 1.48% stake in BRTI

** This is the third stake sale the shareholding entity has launched so far this year

** Thirty analysts have a "buy" rating on avg; median PT is 2,285 rupees - data compiled by LSEG

** YTD, BRTI up 0.77%

($1 = 89.2250 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru)

((UrviManoj.Dugar@thomsonreuters.com;))