Bharti Tele-Ventures has decided to fix a floor price of Rs 45 a share for the company's forthcoming initial public offering. The maiden IPO will open on January 28 and will close on February 2.
Sunil Mittal, chairman and group managing director of Bharti Tele-Ventures, said here today that the floor price announced was the minimum price at which bids can be made. The company will open bidding centres in all the 20 cities that have a stock exchange. Bharti Tele-Ventures will also kick off global roadshows to attract foreign institutional investors in the next few days.
At Rs 45 per share, Bharti would raise a minimum of Rs 834 crore to part-fund the expansion of its cellular and fixed-line telecom services, and the start of domestic long-distance and international long distance phone services.