NEW DELHI: Bharti Airtel’s arm Bharti Hexacom has received capital markets regulator Sebi’s approval to mobilise funds through an initial public offering (IPO). The fresh issue is an offer for sale or OFS and it will not have any fresh issuance of equity shares, Bharti Hexacom will not receive any proceeds from the issue.
Under the OFS, 10 crore equity shares will be offloaded by Telecommunications Consultants India Ltd. The offer represents 20% of the paid-up equity share capital of Bharti Hexacom. Obtaining an observation letter means its go-ahead to float the public issue.
Bharti Hexacom had filed draft papers with the markets regulator in January and obtained its observation letter on March 11.
The company provides telecommunication services in Rajasthan and the Northeast. Bharti Airtel holds 70% of the equity share capital of the company and the government through Telecommunication Consultants of India Limited holds 30%.
It is among the top global mobile operators in terms of number of customers and India’s largest integrated communications solutions provider in terms of consolidated operating revenue as of fiscal 2023.