Bharti Airtel, the country's largest telecom company, is once again exploring the option of listing its tower arm, Bharti Infratel, to raise funds for itself and provide an exit option to PE firms that had invested $1.25 billion in the tower company five years ago.
"The company has started working on the draft red herring prospectus and expects to file it with market regulator Sebi by August-end or September-beginning. It is likely to list December-end to raise Rs 4,000-4,500 crore, depending upon regulatory approval and market sentiments," said a person directly involved in the process, requesting anonymity as the process is underway.
If the proposed IPO goes ahead, it will be the largest after Coal India's Rs 15,000-crore listing in February 2010. The parent company, Bharti Airtel, has also been weighing the possibility of issuing its own shares to the public or to institutional investors.
It is unlikely that the group will go for two floats at the same time, and will have to zero in on one company for the fund-raising exercise. Bharti Airtel has a debt of $12.7 billion and has been looking at ways to bolster its finances.
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"The company has started working on the draft red herring prospectus and expects to file it with market regulator Sebi by August-end or September-beginning. It is likely to list December-end to raise Rs 4,000-4,500 crore, depending upon regulatory approval and market sentiments," said a person directly involved in the process, requesting anonymity as the process is underway.
If the proposed IPO goes ahead, it will be the largest after Coal India's Rs 15,000-crore listing in February 2010. The parent company, Bharti Airtel, has also been weighing the possibility of issuing its own shares to the public or to institutional investors.
It is unlikely that the group will go for two floats at the same time, and will have to zero in on one company for the fund-raising exercise. Bharti Airtel has a debt of $12.7 billion and has been looking at ways to bolster its finances.
Read More . . . . .