Bharti Hexacom, an arm of Bharti Airtel, filed a draft red herring prospectus with SEBI for an IPO on Saturday.
In a letter to the National Stock Exchange, the company said that its board of directors in a meeting held on Friday approved IPO of equity shares of face value of ₹5 each, comprising an offer for sale (OFS) of up to 10 crore equity shares.
“The IPO shall not have any fresh issuance of equity shares and will be undertaken subject to requisite approvals and market conditions. Being an OFS, the company will not receive any proceeds from the IPO,” the letter stated.
IPO stands for Initial Public Offering and it is when the promoters of the company in question for the first time want to raise additional funds by offering shares of the company.
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Accordingly, the company filed a draft red herring prospectus on Friday with SEBI, for a proposed IPO for the offer by Telecommunications Consultants India Ltd. The offer represents 20 per cent of the paid-up equity share capital of Bharti Hexacom.
Bharti Hexacom provides telecommunication services in Rajasthan and North East.
According to the company's website, Bharti Airtel holds 70 per cent of the equity share capital of the company and the Government through Telecommunication Consultants of India Limited holds 30 per cent.
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