Bharti tower arm sets India's biggest IPO
unit of Japan's Nomura are also selling.
Bharti Airtel, India's top mobile phone carrier and the owner of about 86 percent of the tower arm, is not selling any shares.
Other private equity investors in Bharti Infratel include Kohlberg Kravis Roberts & Co, Macquarie Group, Citigroup, Investment Corporation of Dubai and AIF Capital.
Bharti Infratel, which has more than 33,000 mobile phone masts, also holds a 42 percent stake of Indus Towers, which is the world's biggest telecoms tower company, with about 110,000 towers in India.
Mast companies get their revenue from leasing infrastructure to mobile phone carriers. A court order to revoke the operating permits of several carriers in the market that once boasted 15 players has weighed on demand for towers in recent months.
Indian companies raised $7.1 billion from share offerings in the first half of this year, down 4 percent from the same period in 2011, according to Thomson Reuters data.
Bank of America Merrill Lynch, JPMorgan, Standard Chartered, Deutsche Bank, HSBC , UBS as well as India's Kotak Mahindra and Enam are advising Bharti Infratel on the IPO.
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