Bharti Infratel IPO band set at 210-240 rupees/share

NEW DELHI Fri Nov 30, 2012 9:57am IST

Sun rises over the telecommunication towers in New Delhi December 22, 2007. REUTERS/B Mathur/Files

Sun rises over the telecommunication towers in New Delhi December 22, 2007.

Credit: Reuters/B Mathur/Files

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NEW DELHI (Reuters) - Bharti Infratel Ltd, the telecommunications tower unit of top Indian phone carrier Bharti Airtel Ltd(BRTI.NS), has set a price band of 210 rupees to 240 rupees a share for its initial public offering, the firm said on Friday.

The issue, which will open on December 10 for cornerstone investors and close on December 14, will raise about 45.34 billion rupees at the upper end of the price band.

The offering - 188.9 million shares or 10 percent of Bharti Infratel - is set to be India's biggest IPO in two years after state-run Coal India Ltd(COAL.NS) raised $3.5 billion in October 2010. (Reporting by Devidutta Tripathy; Editing by Daniel Magnowski)

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