Bharti Airtel hints of Bharti Hexacom IPO

Bharti Airtel’s board has given the indication of the IPO of its subsidiary, Bharti Hexacom, according to a regulatory filing on 20 January 2024. As one of India’s top three telecom companies, Bharti Airtel holds a 70% stake in Bharti Hexacom, with the remaining 30% owned by the Government of India.

The IPO will consist of an offer-for-sale (OFS) of 10 crore equity shares, each with a face value of INR 5. This represents “20 percent of the company’s paid-up share capital,” as outlined in the exchange filing. Importantly, the offering will not include a fresh issue of shares.

This move allows the government to divest its stake in Bharti Hexacom, with the 10 crore shares for sale currently held by Telecommunications Consultants India Ltd, a central public undertaking. The company has submitted a draft red herring prospectus (DRHP) dated 19 January 2024, to the Securities and Exchange Board of India for the proposed IPO.
Given that the offering is an OFS, Bharti Hexacom will not receive any proceeds from the IPO, clarifies the company. This IPO announcement follows Bharti Group’s last public offering, Bharti Infratel (NS:INUS) (now Indus Towers), listed in 2012.

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Bharti Airtel hints of Bharti Hexacom IPO