Bharti Infratel to sell $120 million of IPO shares to anchor buyers

NEW DELHI Mon Dec 10, 2012 7:53pm IST

A Bharti Airtel advertisement board is installed against the backdrop of company's telecommunication tower in Kochi November 30, 2012. REUTERS/Sivaram V

A Bharti Airtel advertisement board is installed against the backdrop of company's telecommunication tower in Kochi November 30, 2012.

Credit: Reuters/Sivaram V

Related Topics

Stocks

   

NEW DELHI (Reuters) - Bharti Infratel Ltd, the telecommunications tower arm of top Indian mobile carrier Bharti Airtel (BRTI.NS), said it will allot shares worth $120 million to cornerstone investors as part of its up to $832 million initial public offering.

Investors including units of Morgan Stanley (MS.N) and Citigroup (C.N) have agreed to buy 28.3 million shares of Bharti Infratel at 230 rupees apiece, the company said in a regulatory filing on Monday.

The share sale opens for public subscription on Tuesday and will close on Friday.

Bharti Infratel has set a price band of between 210 rupees and 240 rupees a share for the issue of 188.9 million shares, or 10 percent of its equity, in what will be the country's biggest IPO in two years.

Bharti Infratel is selling about 146 million new shares in the IPO, while four private equity investors including arms of Singapore state investor Temasek TEM.UL and Goldman Sachs (GS.N) are selling the remainder.

Bank of America Merrill Lynch (BAC.N), JPMorgan (JPM.N), Barclays (BARC.L), Standard Chartered (STAN.L), Deutsche Bank (DBKGn.DE), HSBC (HSBA.L) and UBS (UBSN.VX), and India's Kotak Mahindra and Enam, are Bharti Infratel's advisers for the IPO.

(Reporting by Devidutta Tripathy and Sumeet Chatterjee; Editing by Tony Munroe)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Consumer Confidence Index

REUTERS SHOWCASE

Corruption Probe

Corruption Probe

India to probe corruption in healthcare after TV sting.  Full Article 

Food Scandal

Food Scandal

Starbucks, Burger King dragged in as China food scandal spreads.  Full Article 

Bigger iPhones

Bigger iPhones

Apple asks suppliers to produce up to 80 mln large-screen iPhones - WSJ.  Full Article 

Gaza Conflict

Gaza Conflict

Israel keeps up Gaza assaults, Kerry presses for truce.  Full Article 

Ukraine Crash

Ukraine Crash

Bodies, black boxes handed over from Ukraine crash site.  Full Article 

Bali Trade Deal

Bali Trade Deal

India keeps world guessing in countdown to landmark trade pact deadline.  Full Article 

Bangalore Sex Abuse

Bangalore Sex Abuse

Modi's BJP puts political twist on local sex abuse case   Full Article 

Yahoo to buy Flurry

Yahoo to buy Flurry

Yahoo to buy analytics startup Flurry to bolster mobile ad business.  Full Article 

Wholesale Biz

Wholesale Biz

Wal-Mart adds $102.9 million in Indian wholesale business in June.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage