Airtel’s arm Bharti Hexacom files draft for a proposed IPO

As much as this level - January 20, 2024 at 07:51 PM.
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Unique Delhi, Jan 20

The IPO entails a proposal of sale by Telecommunications Consultants India

Bharti Airtel’s (Airtel) wholly-owned subsidiary Bharti Hexacom has filed a draft crimson herring prospectus (DRHP) for a proposed initial public offering (IPO) that entails a proposal of sale (OFS) by Telecommunications Consultants India.

The IPO will not appreciate any fresh issuance of equity shares and because it is an OFS, Bharti Hexacom will not receive any proceeds from the IPO, the corporate acknowledged in a regulatory submitting on Saturday.

Board approval

“The Board of Directors of the corporate at its meeting held on Friday, January 19, has well-liked the IPO of equity shares of face tag ₹5 each and every comprising of a proposal for sale of up to 10 crore equity shares by Telecommunications Consultants India Ltd, self-discipline to such variation as accredited beneath acceptable law,” it acknowledged in the BSE submitting.

Accordingly, the corporate has filed a DRHP on Friday with SEBI, for a proposed IPO for the offer by Telecommunications Consultants India. The offer represents 20 per cent of the paid-up equity part capital of Bharti Hexacom, it acknowledged.

It further clarified, “The IPO shall not appreciate any fresh issuance of equity shares and will most definitely be undertaken self-discipline to requisite approvals and market prerequisites. Being an OFS, the corporate will not receive any proceeds from the IPO.”

Bharti Hexacom offers telecommunication companies and products in Rajasthan and the North-East. Airtel holds 70 per cent of the equity part capital of the corporate and the authorities, thru Telecommunication Consultants of India, holds 30 per cent.

Shares of Airtel closed at ₹1,123 apiece on Saturday, down 0.18 per cent from the old shut. The corporate will be announcing its third quarter results for this financial twelve months on February 5.

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