Bharti Airtel’s subsidiary Bharti Hexacom has received an approval from the Securities and Exchange Board of India (SEBI) for raising funds through an initial public offering (IPO), along with the issue of Jyoti Structures Limited.
Bharti Hexacom had filed its draft red herring prospectus for the IPO with SEBI earlier in January 2024.
The IPO is completely an offer for sale (OFS) of up to 100 million shares by Telecommunications Consultants India Limited (TCIL). Since the issue is an OFS, Bharti Hexacom will not receive any proceeds. Further, the government is looking to garner around Rs 100 billion through the stake sale by TCIL.
Furthermore, Airtel will continue to hold a majority stake in the subsidiary.
