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Airtel mulls listing tower arm Bharti Infratel

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Bharti Airtel has appointed a committee to consider a public offer for selling up to 10 per cent stake in its telecom tower unit Bharti Infratel Ltd (BIL).
Bharti Airtel has appointed a committee to consider a public offer for selling up to 10 per cent stake in its telecom tower unit Bharti Infratel Ltd (BIL).

Bharti Airtel today said it has appointed a Committee of the Board of Directors to consider a listing of its telecom tower unit Bharti Infratel Ltd (BIL) on the stock exchanges. The company plans to sell up to 10 per cent stake.

“The Committee of its Board of Directors will consider and finalise the terms and conditions with respect to participation in the offer for sale of equity shares up to 10 per cent of BIL’s equity share capital and for matters incidental thereto,” Bharti Airtel said in a filing to the BSE.

Airtel, however, did not specify the timeline for the listing. “BIL has informed the company that any offering and its timing will be subject to market conditions, obtaining necessary shareholder and regulatory approvals,” it said.

BIL has more than 33,000 towers in operation. Bharti Airtel also holds 42 per cent stake in joint venture tower company Indus Towers, which has over 1.10 lakh towers.

BIL added that there can be no assurance that “any offering will happen in a timely manner or at all”. The final decision for the proposed issue will be taken by the Committee of Directors/the Board of Directors of BIL, it said.

thomas.thomas@thehindu.co.in

(This article was published on August 8, 2012)
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