* IPO price band set at 210 rupees to 240 rupees/share
* Bharti Infratel IPO to be India's biggest in two years
(Updates with details from company, adds graphics)
By Devidutta Tripathy and Sumeet Chatterjee
NEW DELHI/MUMBAI, Nov 30 (Reuters) - Bharti Infratel Ltd,
the telecommunications tower unit of top Indian phone carrier
Bharti Airtel Ltd, is set to raise up to $825 million
next month in what would be the country's biggest initial share
offering in two years.
The company, controlled by billionaire Sunil Mittal, has set
a price band of 210 rupees to 240 rupees per share for its
initial public offering, which will open on Dec. 10 for
cornerstone investors and close on Dec. 14, it said on Friday.
The offering - 188.9 million shares or 10 percent of Bharti
Infratel - is in line to be India's biggest since state-run Coal
India Ltd raised $3.5 billion in October 2010.
At the upper end of the price band, Bharti Infratel would
raise about 45.3 billion rupees ($825 million), and at the low
end 39.7 billion rupees.
Bharti Infratel plans to sell 146.2 million new shares,
while four of its shareholders, including arms of Singapore
state investor Temasek and Goldman Sachs, are
selling 42.7 million shares, according to a regulatory filing.
Bharti Airtel, which owns about 86 percent of Bharti
Infratel, is not selling any shares.
Bharti Infratel has more than 33,000 mobile phone masts and
holds a 42 percent stake in Indus Towers, the world's biggest
telecoms tower company, which has about 110,000 towers in India.
Mast companies earn their revenue from leasing
infrastructure to mobile phone carriers. A court order revoking
the several carriers' operating permits has weighed on demand
for towers in recent months.
Bank of America Merrill Lynch, JPMorgan, Barclays Standard
Chartered, Deutsche Bank, HSBC and UBS, as well as India's Kotak
Mahindra and Enam, are advising Bharti Infratel on the IPO. Its
shares will be listed on India's Bombay Stock Exchange and
National Stock Exchange, the company said in a statement.
Bharti Infratel is one of many Indian share offerings due to
come to the market before the end of the year, as companies in
Asia's third-largest economy tap a revival in appetite for
riskier assets after a lacklustre first half.
The Indian government's share sale in miner NMDC Ltd
to raise roughly $1.2 billion is likely to be launched
on Dec. 13, sources with direct knowledge of the matter said on
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.
($1 = 54.9275 Indian rupees)
(Editing by Daniel Magnowski)