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Posted on Nov 30, 07:51PM | IANS
Bharti Airtel Friday said the initial public offering (IPO) of its mobile tower subsidiary Bharti Infratel will open next month to raise up to Rs.4,533.60 crore.
The Sunil Bharti Mittal promoted company said the IPO of 18.89 crore equity shares will open on Dec 11 for retail investors at a price band of Rs.210-240 a share. The issue will close on Dec 14. Anchor investors can take part from Dec 10.
According to the company, the red herring prospectus (RHP) filed by Bharti Infratel for the IPO has been approved by the registrar of companies.
"The issue will be opened for subscription on Dec 11, 2012. The price band has been fixed between Rs.210 to Rs.240 per share," the company informed the Bombay Stock Exchange (BSE).
The company said that the proceeds from the IPO which is expected to raise between Rs.3,966.90 crore and Rs.4,533.60 crore will be used for further expansion and acquisitions.
"India is the only country where this industry has flourished as the business model is focussed on sharing and the prospects are good," Akhil Gupta, chief executive and managing director, Bharti enterprises, told reporters in New Delhi.
Currently, Bharti Infratel has more than 34,000 towers across 18 states and 11 telecom circles.
The company also holds 42 percent stake in Indus Towers, a joint venture (JV) of Bharti Infratel, Vodafone and Aditya Birla Telecom which has over one lakh towers in India.