Indus Towers Ltd.

Bharti Infratel, the tower arm of Bharti Airtel, is likely to sale 10% stake through an initial public offer (IPO). So far, no tower company is listed in India. The company is planning to raise about Rs 4,500 crore from the issue.

Bharti Infratel has raised funds from PE firms and now desires to partly exit to shareholders through this IPO. Apart from a partial stake sale by private equity firms, the company would also issue fresh shares for the proposed issue to fund its expansion plans.

Bharti Infratel's controlled towers have increased from 49,400 in February 2008 to 78,400. The firm, which owns 32,792 towers, also has a 42% stake in Indus Towers, which owns 108,566 towers. Indus Towers is a three-way joint venture between Bharti Infratel and Vodafone-Essar 42% stake each, and Idea Cellular, which owns 16%.

Last fiscal, the tower company reported an operating profit of Rs 3,159 crore on a turnover of Rs 8,515 crore, which includes proportionate share of its revenues in Indus Towers.