Bharti Infratel IPO opens on Dec 11, aims to raise Rs 4,534 cr
The IPO comprising 18.89 crore equity shares will open on December 11 for retail investors in a price band of Rs 210-240 per share. The issue will close on December 14. At the upper end of the price band, Bharti Infratel would raise about Rs 4,533.60 crore, while at the lower end, it could end up with Rs 3,966.90 crore. For anchor investors, the issue will open on December 10.
Bharti Groupís deputy CEO and MD Akhil Gupta said most of the proceeds would be committed to installing 4,813 new towers, upgrading and replacing existing ones as well as funding inorganic growth, both domestically as well as internationally.
Further, according to the companyís filing with the stock exchange, out of the total proceeds it raises from the capital markets, it plans to infuse Rs 1,086 crore for setting up new towers, Rs 1,214 crore towards upgradation of half of its existing tower base of 33,000 towers and another Rs 640 crore towards green initiatives at 12,500 tower sites.
Infratel recorded a 36 per cent jump in its net profit at Rs 750 crore at the end of the 2011-12 against Rs 551 crore in the
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