Bharti Infratel, the towerco arm of Indian telco Bharti Airtel, has said it will allot shares worth US$120m to anchor investors as part of its upcoming IPO.
The towerco’s public offering will launch tomorrow and is expected to raise up to US$832m.
In…
Bharti Infratel, the towerco arm of Indian telco Bharti Airtel, has said it will allot shares worth US$120m to anchor investors as part of its upcoming IPO.
The towerco’s public offering will launch tomorrow and is expected to raise up to US$832m.
In a filing to the stock exchange today, Bharti Infratel said that 28.335 million shares have been allocated to anchor investors, at a price of Rs230 (US$4.2) per share. This gives a total of Rs6.52bn (US$119.7m), allocated to investors including units of Citigroup and Morgan Stanley, as well as Clough Capital Partners and Wellington Management Company.
In an announcement to the stock exchange on 30 November, Bharti Airtel set the price band for the shares between Rs210 (US$3.85) and Rs240 (US$4.4) for 10% of its equity in the IPO.
Today’s announcement said that “in the event that the issue price discovered through the book building process is higher than the price at which the equity shares have been allocated to the anchor investors, then the anchor investors would be required to bring in the additional amount.”
Bank of America Merrill Lynch, JP Morgan, Standard Chartered, UBS, Barclays, Deutsche Equities, Enam Securities, HSBC and Kotak Mahindra Capital are lead managers on the transaction.
