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Bharti Infratel likely to file DRHP for Rs 5,000 crore IPO

10 Sep 2012 Evaluate
Bharti Infratel,  the tower arm of India's largest mobile phone operator Bharti Airtel, is planning to file a Draft Red Herring Prospectus (DRHP) with the market regulator early this week for raising Rs 5,000 crore through an initial public offering (IPO). The company aims to open the issue by end of November or early December.
 
The proposed IPO of 188 million shares will be the largest share flotation in the country in the past two years and the first from the Bharti Group after a decade. The proposed IPO, which will result in 10% equity dilution, comprises of a fresh issue of 142 million shares by Bharti Infratel and a secondary sale of 46 million shares by four private equity firms. The Bharti Group has been exploring several fund-raising options in recent times. It had considered the possibility of issuing new shares of Bharti Airtel, which has a $12.7-billion debt, to the public or institutional investors, as well as a bond issue for the listed telecom company.

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