| Telecom provider Bharti Hexacom, a subsidiary of Bharti Airtel, is launching an initial public offering (IPO) to allow existing shareholder TCIL to sell a portion of its holdings.
The offer for sale (OFS) will involve 15% of Bharti Hexacom's equity, totaling 7.5 crore equity shares, with a face value of Rs 5 per share. The IPO will be open to the public from April 3rd to 5th, 2024, with anchor investors having the opportunity to submit bids on April 2nd.
Established in 1995, Bharti Hexacom operates as a wholly-owned subsidiary of Bharti Airtel. The company concentrates on the telecommunications sector across Rajasthan and North East India, where it holds the leading position for mobile telephony services. Additionally, it offers fixed line and broadband services in the Rajasthan region.
The company's share capital is divided, with Bharti Airtel holding 70%, while the Government of India, represented by TCIL, retains 30%.
Bharti Airtel is a global communications solutions provider with over 500 million customers in 17 countries across South Asia and Africa. Its consolidated net profit jumped 53.77% to Rs 2,442.2 crore in Q3 FY24 as against Rs 1,588.2 crore reported in Q3 FY23. Revenue from operations increased 5.85% YoY to Rs 37,899.5 crore in Q3 FY24. The growth was partially impacted by devaluation of African currencies during the period.
Shares of Bharti Airtel rose 1.15% to settle at Rs 1235.80 on 22 March 2024.
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