Bharti Airtel’s subsidiary, Bharti Hexacom, has secured approval from the Securities and Exchange Board of India (Sebi) to launch an initial public offering (IPO). The IPO will not involve the issuance of fresh equity shares but will be an offer for sale (OFS), meaning Bharti Hexacom will not receive any proceeds from the IPO.
Telecommunications Consultants India Ltd will sell 10 crore equity shares through the OFS, representing 20 percent of Bharti Hexacom’s paid-up equity share capital. Bharti Hexacom, which operates in Rajasthan and the Northeast, received its observation letter from Sebi on March 11, indicating the regulator’s approval for the public issue.
Bharti Hexacom is primarily owned by Bharti Airtel, holding 70 percent of the equity share capital, with the remaining 30 percent held by the government through Telecommunications Consultants India. The company is a leading global mobile operator by customer base and India’s largest integrated communications solutions provider based on consolidated operating revenue for fiscal year 2023. SBI Capital Markets Ltd, Axis Capital, BOB Capital Markets, ICICI Securities, and IIFL Securities are the book-running lead managers for the IPO, and the company’s shares will be listed on both the BSE and NSE.
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