Bharti Infratel to sell $120 million of IPO shares to anchor buyers
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)
- Tweet this
- Share this
- Digg this
- Nine reasons why India's WTO veto shocked the world
- Ebola patient coming to U.S. as aid workers' health worsens
- India says WTO deal not dead, can sign in Sept if concerns addressed
- India's demands block $1 trillion WTO deal on customs rules
- Nifty falls most in nearly 3-1/2 weeks; Sensex down over 400 points
U.S. Secretary of State John Kerry told Prime Minister Narendra Modi on Friday that India's refusal to sign a global trade deal sent the wrong signal, and he urged New Delhi to work to resolve the row as soon as possible. Read | India block $1 trillion WTO deal