Bharti Airtel’s offer to sell 8.5 crore shares in mobile tower arm Bharti Infratel was fully subscribed today, raising at least Rs 2,125 crore.
The share helps Bharti Infratel to comply with rule that requires listed companies to have minimum 25 per cent public shareholding.
The ‘offer for sale’ was over-subscribed 1.27 times as per data on stock exchanges as bids came for about 10.77 crore shares as against the 8.5 crore scrips in the offering. The indicative price was Rs 251.71 apiece.
Bharti Airtel held 79.4 per cent of Bharti Infratel at the end of June 30. The 8.5 crore shares represent about 4.5 per cent in Bharti Infratel.
Airtel last night disclosed that up it will sell 4.5 crore shares in Bharti Infratel via stock exchanges at a floor price of Rs 250 per share, a discount of 7.7 per cent to Wednesday’s closing price.
Apart from these shares, Bharti Airtel decided to sell 4 crore additional equity shares of the company.
Shares of Bharti Infratel closed at Rs 253.05 a unit, down by 6.59 per cent, compared to previous close at BSE today.
The mobile tower firm has plans to invest Rs 1,345.7 crore in capital expenditure by the end of this fiscal.
Bharti Infratel is one of the largest tower infrastructure providers in India. The company had raised Rs 3,165.7 crore in 2012 though its initial public offer.