Qatar-based investor Three Pillars Pte Limited has offloaded its 5 per cent stake in Bharti Airtel for about Rs 96 billion. The shares were bought by HDFC Life, ICICI Pru Life Insurance, SBI Life, ICICI Prudential Mutual Fund, Birla Sunlife, FMR Company, Inc. and Putnam Investments. Around 60 per cent of the issue was subscribed by long-term investors, and the remaining 40 per cent by hedge funds. The sale was oversubscribed about three times. According to a deal term sheet, Three Pillars, which is an affiliate of the Qatar Foundation, had put up about 199.9 million shares in Bharti Airtel for sale through stock market transactions priced at Rs 481 apiece. UBS was the sole bookrunning lead manager.
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