New Delhi: Country's largest telecom operator Bharti Airtel is looking at raising up to USD 415 million (about Rs 2,571 crore) by selling shares in its tower unit Bharti Infratel. According to sources, the operator is raising the amount as it prepares itself for the upcoming spectrum auction, scheduled to start from March 4.
The base price of the offering is USD 315 million, with an option to raise it by another USD 100 million, the sources said, adding that Bank of America Merrill Lynch and UBS will be the merchant bankers to the issue. Shares will be sold in the price range of Rs 350-360 apiece. Bharti Airtel has 74.85 per cent stake in Bharti Infratel as of December 2014.
When contacted, an Airtel spokesperson declined to comment. The shares of Bharti Infratel closed at Rs 370.80 apiece, up 0.56 per cent on the BSE today. Bharti Airtel has deposited Rs 4,336 crore as the earnest money, which is the second highest after Reliance Jio Infocomm's Rs 4,500 crore. The government expects to raise over Rs 1 lakh crore from the auction, which has airwaves in four bands on offer.
