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Bharti Infratel to launch IPO by next month to raise Rs 4,534 crore

30 Nov 2012 Evaluate

Bharti Airtel's tower unit Bharti Infratel will launch its initial public offer (IPO) by next month to raise up to Rs 4,533.60 crore at upper end, while at the lower end it could end up with Rs 3,966.90 crore. For anchor investors, the issue will open on December 10.

The IPO comprising 18.89 crore equity shares will open on December 11 for retail investors in a price band of Rs 210 to Rs 240 per share and will close on December 14. The proceeds from the IPO will be used to fund its expansion and future acquisitions.

Bharti Infratel has more than 34,000 towers in operation, while it holds 42 per cent stake in Indus Towers, which has over one lakh towers in India. However, the proposed IPO will be one of the biggest after the state-run Coal India raised Rs 15,475 crore in October 2010.

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