Bharti Airtel’s subsidiary Bharti Hexacom has filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The IPO will be completely offer-for-sale (OFS) of up to 100 million equity shares by its existing shareholders. The government, through Telecommunications Consultants India Limited (TCIL), will offload a 20 per cent stake out of the 30 per cent it currently holds in the company. Airtel has the remaining 70 per cent share.
According to an exchange filing by the company, Airtel’s board of directors has approved the IPO of equity shares with a face value of Rs 5 each, comprising an OFS of up to 100,000,000 equity shares (representing 20 per cent of the paid-up share capital of the company) by TCIL, subject to any variations as permitted under applicable law.