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

   
Rajalakshmi (C), 28, smiles after winning the Miss Wheelchair India beauty pageant in Mumbai November 26, 2014. REUTERS/Danish Siddiqui

Miss Wheelchair India

Seven women from across India participated in the country's second wheelchair beauty pageant, which aims to open doors for the wheelchair-bound in modelling, film and television, according to organisers  Slideshow 

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:

REUTERS SHOWCASE

WTO Trade Deal

WTO Trade Deal

WTO clinches first global trade deal in its history  Full Article 

Kashmir Attack

Kashmir Attack

Ten dead in Kashmir's worst militant attack in more than a year  Read 

OPEC Meeting

OPEC Meeting

Saudis block OPEC output cut, oil price sinks further.  Full Article 

E-Commerce Boom

E-Commerce Boom

Online grocers come up trumps in India's e-commerce boom   Full Article 

GDP, RBI Preview

GDP, RBI Preview

GDP growth set to weaken, business wants reforms more than rate cut  Full Article | Related Story 

Jaitley to Rajan

Jaitley to Rajan

Jaitley likely to meet Rajan on Monday to urge rate cut  Full Article 

Banking Sector

Banking Sector

India moves to allow more businesses to offer basic financial services.  Full Article 

Jamini Roy

Jamini Roy

Photo Gallery – Bengali household name Jamini Roy’s paintings  Full Article 

Reuters India Mobile

Reuters India Mobile

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