MC Exclusive | Bharti Enterprises to exit ICICI Lombard via block deal soon, say sources

A fairly significant block trade is expected in general insurance company ICICI Lombard, sources with direct knowledge share that Bharti Enterprises is likely to offload its stake in the company.

Bharti General Ventures owns 3.7% stake in ICICI Lombard and an investment bank is in the process of building the book for a block trade, sources confirm.

Bharti Telecom is in the process of buying Singtel’s 3.3% stake in Airtel for about $1.6 billion and the funds from ICICI Lombard stake sale could help in group’s cash management, a source shared. “This will lift the overhang of a likely promoter pledge due to the large transaction with Singtel to some extent,” sources added.

ICICI Lombard had acquired Bharti AXA General Insurance in Aug 2020 and Bharti Group had received ICICI Lombard shares as part of all stock deal with ICICI Lombard.