Bharti Infratel, the tower arm of the leading telecom company Bharti Airtel, has received the regulatory approval for the proposed initial public offering (IPO), says news reports.
The company will launch the IPO on December 11, 2012 and close on December 14, 2012. Bharti Infratel, has set a price band of Rs 210 to Rs 240 a share for its IPO.
The company plans to raise about Rs 45 billion from the IPO. The offering is for 188.9 million shares or 10 per cent of Bharti Infratel.
Based on the price band Bharti Infratel will have a market capitalisation of Rs 396.6 billion to Rs 453.3 billion. The company is selling 146.2 million new shares in the IPO, while four of its shareholders including arms of Singapore state investor Temasek and Goldman Sachs are selling 42.7 million shares. Bharti Airtel, which owns about 86 per cent stake in Bharti Infratel, is not selling any shares.
Bharti Infratel has over 33,000 towers across 18 states covering 11 telecom circles and also holds a 42 per cent stake in Indus Towers, which has around 110,000 towers.
Bank of America Merrill Lynch, J.P. Morgan, Standard Chartered, Deutsche Bank, HSBC, UBS, Kotak Mahindra and Enam are advising Bharti Infratel on the IPO.
The IPO is set to be the country?s biggest IPO in two years after state-run Coal India Limited raised $3.5 billion in October 2010.
