Mumbai: Bharti Infratel, the telecom tower arm of India's leading mobile phone company Bharti Airtel, announced plans to raise up to $845 million in what would be the country's biggest initial public offer (IPO) in two years.
The IPO would serve as an important gauge of foreign and domestic investors' appetite for new stock issues, and will mark the Bharti group's return to the capital market after a gap of a decade. The offer will run from December 10 to 14, the company said.
Bharti Infratel has over 34,000 transmission towers across 18 states covering 11 telecom circles and also holds a 42 per cent stake in Indus Towers the world's biggest tower firm which has around 110,000 towers.
The offering will be the biggest public issue since state-run Coal India raised $3.4 billion in an IPO in late 2010.