Bharti Airtel’s subsidiary, Bharti Hexacom, will open its preliminary public providing for subscription on April 3, 2024. The telecom operator’s subsidiary will open its maiden public providing for bidding for 3 days, closing on April 5, 2024.
The anchor ebook of the provide will begin for a day on April 2, the corporate’s crimson herring prospectus (RHP) revealed earlier, reported PTI. It will mark the primary public providing within the 2024-25 fiscal yr.
The problem will embody an offer-for-sale (OFS) of as much as 7.5 crore shares, indicating a 15 per cent stake by Telecommunications Consultants India Ltd, an current shareholder. The provide measurement of the agency’s problem has been decreased to 7.5 crore from the sooner deliberate problem of 10 crore fairness shares. The proceeds from the difficulty won’t be utilised by the agency and can be going in the direction of promoting shareholders.
The Securities and Trade Board of India offered an remark letter to the agency on March 11, 2024, to drift the difficulty. The agency’s possession is split in Bharti Airtel, which controls a 70 per cent share, and Telecommunications Consultants India Ltd, which owns the remaining 30 per cent stake.
The corporate reported robust topline figures, nonetheless, it posted a 67.2 per cent fall in its web revenue at Rs 549.2 crore in FY23, on an annual foundation. The agency attributed this to a bigger base because of distinctive good points of Rs 1,951.1 crore within the previous yr.
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The agency’s shares can be listed on the BSE and NSE. SBI Capital Markets Ltd, Axis Capital, BOB Capital Markets, ICICI Securities, and IIFL Securities are the book-running lead managers of the general public problem.
Bharti Hexacon is a communications options supplier and distributes cellular providers, phone and broadband providers to clients throughout Rajasthan and the North East area within the nation.
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