Hutch To Offload 10% To Raise Rs 1,500 Crore

New Delhi | Updated: Jul 1 2004, 03:41am hrs
In one of the largest ever telecom public offerings in recent times, cellular major Hutchison Essar will offload 10 per cent of its equity to raise about Rs 1,500 crore.

Hutchsion Essar is looking at raising about Rs 1,500 crore through initial public offering (IPO) by offloading 10 per cent of its equity in the Indian market, sources said. The public float is likely to come up in December 2004 or early 2005. The enterprise value of Hutchsion Essar is around $3.5 billion as per an internal valuation. The issue, when materialises, would be Indias largest ever telecom IPO in recent times. Earlier, Bharti Tele-Ventures had raised about Rs 835 crore through its IPO.