Bankers for Bharti Infratel IPO soon
Sunil Bharti Mittal-led Bharti Infratel Ltd (BIL) is likely to soon appoint bankers for its proposed initial public offering (IPO).business Updated: Aug 20, 2012 22:45 IST
Sunil Bharti Mittal-led Bharti Infratel Ltd (BIL) is likely to soon appoint bankers for its proposed initial public offering (IPO).
Leading global bankers are said to have made presentations on Monday to this effect.
"However, the final decision on the IPO will depend on market conditions and the initial response to the issue," said a person familiar with the development.
BIL is likely to offer up to 10% of its equity share capital.
"We have no comment on the subject beyond our communication to the Bombay Stock Exchange (BSE) dated August 8, 2012," said an BIL spokesperson.
On August 8, Bharti Airtel, the parent company of BIL, informed the BSE that it had appointed a committee of the board of directors to consider the listing of the equity shares of BIL. "The proposed issue may include an offer for the sale of equity shares, if desired by existing shareholders of the company," said the company in the notification.
Bharti Airtel is said to be passing through a difficult financial phase. The company reported decline in profits for 10 consecutive quarter. It is also suffering losses on its Africa operations.
First Published: Aug 20, 2012 22:42 IST