Bharti Infratel Ltd., a unit of India's first private and largest integrated telecom services provider Bharti Airtel Ltd., plans to raise around $800 million by selling a 10% stake through an initial public offering in the second week of December, the Wall Street Journal reported citing two people familiar with the IPO plans.
Bharti Infratel expects its draft IPO prospectus to be approved by capital-markets regulators by Friday, one of the people. However, an official at the regulator, the Securities and Exchange Board of India, said no decision had been made on the approval or its timing, the Journal reported.
The Journal said that Bharti Infratel plans to sell 188.9 million equity shares, of which 146.23 million shares will be issued fresh and the rest will be sold by existing investors.
by RTT Staff Writer
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