Airtel waives off right of first refusal to acquire TCIL’s stake in Bharti Hexacom

Bharti Airtel has waived its right of first refusal in the acquisition of TCIL’s 30 per cent stake in Bharti Hexacom as it sees no immediate value in such a move. In January, Airtel’s subsidiary Bharti Hexacom filed a draft offer document with SEBI to sell TCIL’s 20 per cent stake, which will provide the government with a partial exit. TCIL’s holding will drop to 10 per cent after Bharti Hexacom’s IPO, while Airtel will retain its 70 per cent stake in the unit.