Bharti Airtel has moved higher by about 3% at Rs 339 after the telecom company said its tower arm Bharti Infratel set a price band of Rs 210-240 per share for its initial public offering (IPO).
“The red herring prospectus filed by Bharti Infratel, a subsidiary of Bharti Airtel, in relation to its IPO of 189 million equity shares of a face value of Rs 10 each, has been approved by the registrar of companies on November 29, 2012,” Bharti Airtel said in a statement.
Bharti Infratel is set to raise up to $825 million (approx. Rs 4,500 crore) would be the country's biggest initial share offering in two years. The issue will be opened for subscription on December 11, 2012.
The stock opened at Rs 332 and hit a high of Rs 341 in late noon deals. A combined 8.18 million shares have changed hands on the counter so far on both the exchanges.
