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Airtel shares dip on reports that Qatar sovereign fund to sell 5% stake in Bharti Airtel

The shares were trading at Rs 483.70, down by 5.96% on the BSE during morning trading hours on Wednesday.

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Stocks of Bharti Airtel dipped by almost 6% during the early trading hours of Wednesday on the back of reports that Qatar’s sovereign fund is planning to sell its 5% stake in Bharti Airtel via a block block deal in the stock market on Wednesday, to raise upto $1.5 billion.

The shares were trading at Rs 483.70, down by 5.96% on the BSE during morning trading hours on Wednesday.

ET had reported that ​overseas funds such as DE Shaw and ​FMR​ and local insurance companies including ICICI Prudential and HDFC​ Life are believed to have put in bids for the book which was already oversubscribed.

Singapore’s Singtel owns 36% in Bharti Airtel while Bharti’s promoter group directly and indirectly, owns a little below that.
Qatar Foundation Endowment’s affiliate Three Pillars Pt Ltd, which had invested about $1.26billion in 2013 in the India’s largest telecom player, has put up about 19.9 crore shares for sale in a price range of Rs 473-490 each, as per a term sheet seen by ET.

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