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Bharti Infratel Confirms Plans to List Shares on Stock Exchange
Published on:
India's Bharti Airtel has filed a draft prospectus with the Securities and Exchange Board of India to float shares in its towers subsidiary, Bharti Infratel.
The proposed listing constitutes a fresh issue of equity shares by Bharti Infratel and an offer for sale portion by the other shareholders in the company, Compassvale Investments, GS Strategic Investments, Anadale and Nomura Asia Investment.
The company is looking to raise around US$1 billion from the sale of the shares. Last month, Bharti Airtel, which owns around 87% of the Infratel subsidiary confirmed that it would not buy shares when they are listed, thus diluting its stake in the firm.
Bharti Infratel owns around 30,000 towers and is also a 42% shareholder in another towers joint venture, Indus Tower - with Vodafone and Idea Cellular.
Tags: [bharti infratel] [India]
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