Telecom Lead India: Bharti Infratel, the tower unit Bharti Airtel, is looking at mobilizing Rs 4,500 crore via its initial public offering (IPO).
The Sunil Mittal promoted company has set a price band of Rs 210 to Rs 240 a share.
The issue will open on December 10 for institutional investors and to the public on December 11. The issue will close on December 14.
The offering is for 188.9 million shares or 10 per cent of Bharti Infratel. This is set to be India’s biggest IPO in two years after state-run Coal India raised $3.5 billion in October 2010.
Based on the price band Bharti Infratel will have a market capitalization of Rs 39,660 crore to Rs 45,330 crore. Bharti Infratel 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 percent of 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.