NEW DELHI 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)
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