Bharti Airtel’s unit Bharti Hexacom is gearing up for its initial public offering (IPO), which is expected to launch in April. The company aims for a valuation of over ₹28,000 crore ($337.8 million), reported CNBC-TV18 on Thursday.
The IPO is projected to raise about ₹4,300 crore, according to the report of CNBC-TV18 and this comes after SEBI authorized Bharti Hexacom’s IPO.
Bharti Hexacom is 70% owned by Bharti Airtel, telecommunication operator. The remaining 30% is owned by Telecommunications Consultants India (TCIL).
The IPO will be an offer for sale (OFS) of up to 10 crore equity shares by the company’s current shareholders, the report added.
Bharti Hexacom operates primarily in northern and northeastern India. It plays a critical role in offering mobile services in these locations.
Bharti Hexacom primarily specializes in the telecom infrastructure sector. It offers services for mobile network operations, such as tower infrastructure, network management, and connection solutions.
Earlier this month, public-funded research institution Centre for Development of Telematics (C-DOT) said it will partner with Qualcomm Technologies to stimulate India’s telecom ecosystem of developers, start-ups, academia, and industry partners.
Telecommunications company Bharti Hexacom is a fully-owned subsidiary of Bharti Airtel that provides fixed and broadband services in India.
At the point of conversion $1= ₹83.12
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