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Bharti Airtel Close to Stock Market Listing for Towers Subsidiary
Published on:
India's Bharti Airtel has shortlisted eight banks to handle the sale of a stake in its tower operating subsidiary, Bharti Infratel.
Citing people with knowledge of the matter, both the Bloomberg and Reuters news agencies named JPMorgan Chase, Standard Chartered and Barclays as some of the major banks being asked to assist with the sale.
Although the prospectus could be filed next month, the stock market floatation is not expected to take place until the first quarter of next year. The delay would reassure investors as the allocation of new GSM licenses and the dispute over 3G roaming should be resolved by then.
The IPO could raise about $1 billion for the company.
Bharti Airtel owns 86 percent of Bharti Infratel, after selling stakes to Temasek Holdings, Goldman Sachs, KKR and Citigroup in 2007/8.
Bharti Infratel owns over 20,000 sites and also holds an approximately 42% stake in Indus Towers, the joint venture between Bharti, Vodafone and Idea, which has over 70,000 sites. Bharti Infratel and Indus Towers provide passive infrastructure services to wireless telecom operators.
On the web: Bloomberg - Reuters
Tags: [bharti airtel] [bharti infratel] [India]
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