Bharti Airtel gains 3% as Africa arm appoints eight global banks for IPO

The stock was up 3% to Rs 338 on BSE after the telecom operator said its African unit has appointed global investment banks for a proposed IPO on an international stock exchange.

Shares of Bharti Airtel are up 3% to Rs 338 on BSE in intra-day trade after the telecom operator said its African unit has appointed global investment banks for a proposed initial public offering (IPO) on an international stock exchange.

“The banks appointed are J.P. Morgan, Citigroup, BofA Merrill Lynch, Absa Group Limited, Barclays Bank PLC, BNP Paribas, Goldman Sachs International and Standard Bank Group,” Bharti Airtel said in a press release.

This follows the recent subscription of shares in Airtel Africa by six leading global investors comprising of Warburg Pincus, Temasek, Singtel, SoftBank Group International and others