Bharti Infratel IPO to raise Rs 4,534 crore

Bharti Infratel Limited is aiming to mop up nearly Rs 4,533 crore through an initial public offer that could give a big boost to primary market sentiment that has remained subdued on the back of decline in appetite for IPOs amid economic slowdown.

The IPO of the telecom tower arm of Bharti Airtel Limited comprises a total size of around 18.9 crore shares.

The issue, which opens on December 11 and closes December 14, has a price band of Rs 210-240 per share.

At the upper end of the price band, Bharti Infratel would raise about Rs 4,533.60 crore while at the lower end it could end up mopping up Rs 3,966.90 crore.

The issue comprises a fresh issue of around 14.62 crore shares and an offer for sale of nearly 4.26 crore shares by certain shareholders.

 The issue will constitute 10 per cent of the post-issue paid up equity share capital of the company. Bharti Infratel has more than 33,000 mobile towers and holds a 42 per cent stake in Indus Towers, which has over one lakh mobile towers in India.