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    Bharti Enterprises likely to exit ICICI Lombard via block trade soon

    Bharti Enterprises likely to exit ICICI Lombard via block trade soon

    Bharti Enterprises likely to exit ICICI Lombard via block trade soon
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    By CNBCTV18.com  IST (Updated)

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    According to the sources, investment bankers are assessing the appetite for the insurance company's share sale. The share sale is likely to support Bharti's acquisition of Singtel's stake in Airtel. 

    Bharti Enterprises is likely to exit ICICI Lombard via block trade, sources have told CNBC-TV18. Bharti Enterprises — Sunil Bharti Mittal's conglomerate and the parent company of teleco Airtel — own 3.71 percent stake in ICICI Lombard via Bharti General Ventures.
    According to the sources, investment bankers are assessing the appetite for the insurance company's share sale. The share sale is likely to support Bharti's acquisition of Singtel's stake in Airtel.
    It was reported in August that Southeast Asian giant Singapore Telecommunications or Singtel would sell a 3.3 percent stake in Airtel to Bharti Telecom Ltd (BTL) for $1.61 billion. Singtel said its units Pastel and Viridian will sell 198 million shares in India's second-largest telecom company.
    As per the regulatory filing, following the stake buy, the direct shareholding of Singtel and Bharti in Airtel will be at around 10 percent and 6 percent, respectively.
    Bharti Enterprises and Singtel have been in a partnership for over 20 years.
    “Over these years, Bharti Airtel Limited (Airtel) has not only acquired a strong pan-India leadership position but has also expanded to 16 more countries in Africa and South Asia,” Airtel had said in its filing.
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