Financial Daily from THE HINDU group of publications
Wednesday, Jun 30, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jun 30, 2004 |
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Telecommunications Markets - IPOs Hutch plans Rs 1,500-cr IPO Our Bureau
New Delhi , June 29 CELLULAR service provider Hutchison Essar is planning to raise about Rs 1,500 crore through an initial public offering by the end of the year. The company plans to offload 10 per cent of its equity to the public in one of the biggest float in the telecom sector. Hutchison, which had recently acquired mobile operator Aircel in Tamil Nadu for Rs 1,600 crore, is planning to expand its services in three more circles to take its cellular network to 14 circles by the end of year.According to company executives the public float is likely to come up in December 2004 or early 2005. The enterprise value of Hutchsion Essar is around $3.5 billion as per an internal valuation. As a precursor to the IPO, Hutch has moved the Foreign Investment Promotion Board to consolidate group companies under a single entity.
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