Bharti Hexacom Files DHRP with SEBI to Proceed with IPO Plans

bharti hexacom files dhrp with sebi to

Bharti Hexacom has filed a draft red herring prospectus (DHRP) with the Securities and Exchange Board of India (SEBI) on Jan 19, 2024, to proceed with the IPO (initial public offering) plans. The Indian government wants to offload its stake in the company. For the unaware, Bharti Airtel owns a 70% stake in the company while the remaining 30% is owned by Telecommunications Consultants India, a govt company. Note that this IPO won’t contain any fresh issue of shares, so Bharti Hexacom won’t get fresh capital. It is only that Telecommunications Consultants India wants to sell its stake.

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“We wish to inform you that Board of Directors of the Company at its meeting held on Friday, January 19, 2024 have approved the IPO of equity shares of face value Rs 5 each  (“Equity Shares”) comprising of an Offer for Sale (“OFS”) of up to 100,000,000 Equity Shares (representing 20% of the paid-up share capital of the Company) (the “Offer”) by Telecommunications Consultants India Limited, subject to such variation as permitted under applicable law,” said Bharti Airtel in an exchange filing at the National Stock Exchange (NSE).

Out of the 30% stake in the company, the government wants to offload 20% of its stake.

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