Bharti Enterprises likely to exit ICICI Lombard via block trade soon

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.