Bharti Airtel mulls IPO of tower unit

Bharti Airtel Wednesday said it has appointed a committee of the board of directors to consider an initial public offer (IPO) for selling up to 10 percent stake in its telecom tower unit, Bharti Infratel Ltd (BIL).
"The board of directors of Bharti Airtel has constituted a committee of its board of directors to consider and finalise the terms and conditions with respect to participation in the offer for sale of equity shares up to 10 percent of BIL's equity share capital and for matters incidental thereto," the company said in a regulatory filing.
The company, however, did not specify the timing of the listing and gave no assurance whether the offering will take place at all.
"The final decision for the proposed issue will be taken by the the board of directors of BIL," the company said.
BIL has over 33,000 towers currently in operation.