The Hindu Business Line : Bharti pegs ADR offering at 200 m equity shares

BHARTI Tele-Ventures Ltd today said it will launch American Depository Receipts (ADRs) of up to 200 million equity shares which will allow foreign stakeholders in the company to offload part of their equity.

The company said it was seeking the approval of shareholders in connection with the sponsored ADR secondary offering.

Bharti Tele-Ventures is considering filing a registration statement with the US Securities and Exchange Commission during the second quarter of this fiscal, a statement here said.

Currently, Warburg Pincus LLC holds a 19 per cent stake in Bharti, while Singapore Telecommunications Ltd has a 28.46 per cent share in the company. The number of equity shares to be offered by the shareholders has not been fixed.

"The offering will be made pursuant to the Indian Government's sponsored ADR guidelines, which allow the company to sponsor an ADR offering of equity shares to be sold by the company's shareholders. A registration statement relating to these securities has not yet been filed with the US Securities and Exchange Commission," a Bharti statement said.

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