Bharti Infratel IPO to open on December 10: Sources

MUMBAI: Bharti Infratel, the tower arm of the largest telecom company Bharti Airtel, has received the regulatory approval for proposed IPO, which is likely to hit the market on December 10, industry sources said today.

The details of the IPO will be announced tomorrow. The sources said the company is likely to raise around Rs 5,000 crore from the public offering.

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Success of this IPO is critical for the market, which has seen drying up of public offers due to subdued sentiment and slowing economy for over a year.

The proposed IPO will be one of the biggest after the state-run Coal India raised Rs 15,475 crore in October 2010.

Bharti Infratel has over 34,000 towers across 18 states covering 11 telecom circles and also holds 42 per cent stake in Indus Towers which has around 1,10,000 towers.

Bharti Infratel will be the first IPO from the telecom tower sector.