Bharti Infratel Ltd has filed the draft red herring prospectus for the initial public offering of its mobile tower subsidiary Bharti Infratel with the Securities and Exchange Board of India (SEBI).
Infratel’s IPO will comprise of 146.23 mln fresh shares, and 42.67 mln shares out of the holdings of four of the existing investors (namely Investments Pte Ltd, GS Strategic Investments Ltd (Goldman Sachs), Anadale Ltd and Nomura Asia Investment (IB) Pte Ltd. ) which comprises 10% of post-issue equity capital.
Bharti Airtel will not participate in share sale. Parent approximately 88% stake in the company. A total of 14 merchant bankers have been appointed to advise on share sale and manage the IPO. Company is looking to raise 5400-5500 crore from the transaction.
Brief Profile of Bharti Infratel
Bharti Infratel provides passive infrastructure services to all telecom operators in India on a non-discriminatory basis. Its tower base as on Jun 30 was at 33,660. Infratel holds a 42% share in Indus Towers, the company’s three-way joint venture with Parent Bharti, Vodafone and Idea Cellular. Currently Indus tower has a total tower base of 109,318.
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