The IPO will be an outright offer for sale (OFS) of up to 10 crore equity shares from its existing shareholders.
“We want to inform you that the board of directors of the company during its meeting held on Friday, January 19, 2024 approved the IPO of equity shares with a nominal value. ₹5 each consisting of an OFS of up to 100,000,000 equity shares (representing 20% of the company’s paid-up share capital) of Telecommunications Consultants India Ltd, subject to such variation as permitted under applicable law,” the company said in an exchange filing.
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In addition, the company stated in its exchange filing that the IPO would not include any fresh issue of equity shares and would be made subject to the necessary approvals and market conditions. The company will not receive proceeds from the IPO because it is an OFS.
The government-owned company Telecommunications Consultants holds a 30% stake in Bharti Hexacom. Bharti Airtel has the remaining 70% of Bharti Hexacom.
The book-running lead managers of the IPO are SBI Capital Markets Ltd, Axis Capital Ltd, BOB Capital Markets Ltd, ICICI Securities Ltd, and IIFL Securities Ltd.
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In line with the company’s DRHP, it is a communications solutions provider, providing fixed-line, broadband, and consumer mobile services to customers in Rajasthan and the Northeast telecom circles in India, which include the states of Arunachal Pradesh, Manipur, Meghalaya. , Mizoram, Nagaland, and Tripura.
Under the “Airtel” name, Bharti Hexacom provides its services. By attracting and retaining great customers and providing them with an experience through our omni-channel approach and use of data science, the company has a unique strategy to elevate its portfolio.
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According to the company’s DRHP, its listed peers are Bharti Airtel (with a P/E of 75.18) and Vodafone Idea Ltd.
Bharti Hexacom reported revenue of ₹3,420 crore during the six months ending September, more than ₹3,167 crore in the same period previous year. Profit however declined from ₹195 crore to ₹69 crore in the previous year.
In Saturday’s trading session, the share price of Bharti Airtel closed flat at ₹1,125 apiece on BSE.
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Disclaimer: The above views and recommendations are those of individual analysts, experts and trading companies, not of Mint. We advise investors to check with certified experts before making any investment decisionsA
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Published: 20 Jan 2024, 14:38 IST