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Sunil Mittal’s family owned firm ICIL sells Airtel shares worth Rs.8,485-Cr; proceeds to be used to

Business Line   Business Standard  

Sunil Bharti Mittal family’s holding company, Indian Continent Investment Ltd (ICIL), has sold Airtel shares worth about INR 8,485.11 crore through a market transaction. Bharti Airtel’s promoter firm, Bharti Telecom - a joint venture between Mittal family’s investment arm and Singapore telecom major Singtel - has acquired around 1.2 crore shares, or around 24%, of the total sale by ICIL in the block deal.The shares were picked up by a clutch of domestic mutual funds (MFs), foreign investors and an insurance company including WhiteOak Capital Mutual Fund (MF), ICICI Prudential MF, Goldman Sachs, GQG Partners, Abu Dhabi Investment Authority, Fidelity Investments, International Bank for Reconstruction and Development, Nordea Funds, JP Morgan, and National Pension System Trust.The promoters of Bharti will use the proceeds of the stake sale in Bharti Airtel to refinance loans taken to acquire a 24.5% equity stake in British Telecom (BT) last year.Bharti Global, the international investment arm of Bharti Enterprises, had announced the acquisition in BT Group PLC in August last year.