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

   
Priyanka Gandhi Vadra, daughter of Congress party chief Sonia Gandhi, adjusts her flower garlands as she campaigns for her mother during an election meeting at Rae Bareli in Uttar Pradesh April 22, 2014. REUTERS/Pawan Kumar

Election 2014

More than 814 million people — a number larger than the population of Europe — are eligible to vote in the world’s biggest democratic exercise.  Full Coverage 

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

REUTERS SHOWCASE

Oil Imports

Oil Imports

India to make May-July oil payments to Iran - sources.  Full Article 

DLF Shares

DLF Shares

DLF slides 3 percent, underperforms rivals.  Full Article 

Global Economy

Global Economy

Chinese factories stalling as euro zone business picks up  Full Article 

Rupee Falls

Rupee Falls

Rupee falls for third day; foreign fund inflows key.  Full Article 

Record High

Record High

BSE Sensex hits record high for third straight day.  Full Article 

M&M Upgraded

M&M Upgraded

Credit Suisse upgrades Mahindra & Mahindra to 'outperform'  Full Article 

Breakingviews

Breakingviews

Manchester United’s crisis has silver lining  Full Article 

Reuters India Mobile

Reuters India Mobile

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