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India's Bharti Infratel shares slump at pre-open in market debut

Source : REUTERS
Last Updated: Fri, Dec 28, 2012 04:30 hrs

NEW DELHI, Dec 28 (Reuters) - Shares in India's Bharti Infratel Ltd slumped 9.1 percent in pre-open trade on their Mumbai stock market debut on Friday after the mobile tower operator raised about $760 million in the country's biggest initial public offering in two years.

Bharti Infratel , a unit of top Indian mobile phone carrier Bharti Airtel Ltd, pre-opened at 200 rupees on both the National Stock Exchange and Bombay Stock Exchange. Shares will open for trading at 0430 GMT.

That compares with its IPO price of 220 rupees per share for funds and wealthy investors, who received the majority of the share allocation.

Bharti also sold shares to retail investors at 210 rupees, and allocated shares at 230 rupees to cornerstone investors. (Reporting by Devidutta Tripathy; Editing by Rafael Nam and Ryan Woo)




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