Money on the markets
A maturing market amid the mayhem
(Any opinions expressed here are those of the author, and not necessarily those of Thomson Reuters)
Bharti Infratel’s initial share sale will likely be India’s biggest in nearly two years and key for the country’s troubled telecom sector, which has been hit by regulatory flip-flops.
Price Band: 210 – 240 rupees/share
Issue opens, closes: Dec 11 – Dec 14
The share sale of the telecommunications tower unit of top Indian phone carrier Bharti Airtel Ltd will raise $825 million in the upper end of the price range. The sale comes amidst signs of a revival in the primary market with other smaller private offerings like CARE Ratings, PC Jewellers and Tara Jewels in the process of raising or having recently raised capital.
The sale will also be a test of bigger offerings as the government aims to raise roughly $1.2 billion by selling shares in miner NMDC Ltd, sources told Reuters.