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Bharti Infratel, the tower arm of cellular operator Bharti Airtel, plans to install over 4800 new towers with the proceeds from its upcoming initial public offering (IPO).
The IPO of nearly 189 million shares priced between Rs 210 and Rs 240 a share, will be one of the largest IPO offerings since the Coal India IPO in November 2010.
The IPO will open on December 11 and close for the general public on December 14. The shares offer will result in a 10 per cent equity dilution in the company and would reduce Bharti Airtel's stake in the subsidiary from 86.09 per cent to 79.42 per cent. Bharti Infratel is mulling to raise anything between Rs 3,970 croreand Rs 4,530 crore .
The company aims to install 4813 new towers across seven circles in fiscal 2014, 2015 and 2016 with Rs 1086.5 crore from the IPO proceeds, while around Rs 1214 crore would be spent on upgradation and replacement on existing towers, and around Rs 639 crore would be spent on green initiatives at tower sites.