- Price Band fixed at ₹ 542 to ₹ 570 per equity share of face value of ₹ 5 each
- Bid /Offer will open on Wednesday, April 03, 2024 and close on Friday, April 05, 2024. The Anchor Investor Bidding Date shall be Tuesday, April 02, 2024
- Bids can be made for a minimum of 26 Equity Shares and in multiples of 26 Equity Shares thereafter
- The Anchor Investor Bidding date shall be Tuesday, April 02, 2024
NE BUSINESS BUREAU
AHMEDABAD, MARCH 27
Bharti Hexacom Limited on Tuesday announced the price band in the range of ₹542 to ₹570 per equity share of face value of ₹5 each for its proposed IPO. The issue will open for subscription on Wednesday, April 3 and will close on Friday, April 5. Bids can be placed for multiples of 26 shares, with a minimum bid of 26.
The Bharti Hexacom IPO consists only of an offer-for-sale (OFS) and does not include a fresh issue component. Telecommunications Consultants India, the company’s sole selling shareholder intends to sell off 7.5 crore equity shares, or 15% of the OFS.
The Anchor Investor Bidding date shall be Tuesday, April 02, 2024.
It has set aside not less than 75% of the offer for qualified institutional buyers (QIB), not more than 15% of the offer for non-institutional institutional investors (NII), and not more than 10% of the offer for retail investors.
Sanjeev Kumar, Chairman & Director of Telecommunications Consultants India Ltd (TCIL), explained to the media on Tuesday at a virtual press conference that the final issue structure had been decided after consulting with the book running lead managers (BRLMs) and considering investor feedback.
He went on to say that the Government chose to sell just 15% of the shares in the IPO through TCIL. A six-month lock-in period applies to TCIL holdings after the date of allocation. The decision on additional offloading will be made later, at a suitable time, and will take into consideration the overall condition of the market, existing environment, and other factors at that particular moment.
Bharti Hexacom Ltd is a communications solutions provider that serves customers in Rajasthan and the North East telecommunication circles in India, which include the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura. It also provides fixed-line telephone and broadband services. It uses the “Airtel” brand to provide services.
When questioned by the media about their ambitions to explore new regions, Soumen Ray, Director of Bharti Hexacom Ltd, stated that their current priorities are to increase the coverage of their network in existing areas.
“The expansion of our rural coverage has allowed us to gain a reasonable number of 4G/5G customers, as seen by the fact that as of December 31, 2023, our 4G/5G data client base grew from 13,348 thousand on March 31, 2021 to 18,839 thousand.
The objects of the Offer are to (i) to carry out the Offer for Sale of up to 75,000,000 Equity Shares by the Selling Shareholder; and (ii) achieve the benefits of listing the Equity Shares on the Stock Exchanges.
This Equity Shares are being offered through the red herring prospectus of the Company dated March 22, 2024 filed with the Registrar of Companies, Delhi & Haryana and are proposed to be listed on the BSE Limited and the National Stock Exchange of India Limited.
SBI Capital Markets Limited, Axis Capital Limited, BOB Capital Markets Limited, ICICI Securities Limited and IIFL Securities Limited are the Book Running Lead Managers to the offer.
