Bharti Infratel files for Rs5,000-cr IPO
14 Sep 2012
Bharti Infratel, the mobile phone tower arm of telecom service provider Bharti Airtel, has filed draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offer to raise more than Rs5,000 crore (around $1 billion).
The issue comprises fresh issue of equity shares by Bharti Infratel Ltd and an offer for sale of a portion by Compassvale Investments Pte Ltd, GS Strategic Investments Ltd, Anadale Ltd and Nomura Asia Investment.
The IPO, which is expected to be launched in January, may clash with the government's PSU stake sale plan, say analysts.
The committee of directors looking into the listing has, however, decided against Bharti Airtel, the chief promoter of Bharti Infratel, participating in the issue.
Bharti Airtel owns about 86 per cent of Bharti Infratel. Other investors, including Temasek Holdings, Kohlberg Kravis Roberts & Co, Goldman Sachs, Macquarie Group, Citigroup, Investment Corporation of Dubai and AIF Capital together own about 13 per cent of Bharti Infratel.
"The issue constitutes a fresh issue of equity shares by Bharti Infratel and an offer for sale (OFS) portion by Compassvale Investments Pte Ltd, GS Strategic Investments Limited, Anadale Limited and Nomura Asia Investment (IB) Pte. Ltd," according to a release sent to exchanges.
