Telecommunications Consultants India Limited (TCIL) intends to sell its stake in Bharti Hexacom in two parts, with each part comprising 15% of the total stake. This decision is in line with the target set by the government.
A senior official stated, “We are proceeding as per our strategy to meet the government’s target. TCIL will initially sell only 15% of its stake in Bharti Hexacom, with plans to sell another 15% at a suitable time within the next six months.”
Bharti Hexacom, a unit of Bharti Airtel, received approval from the Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO) on Tuesday. TCIL currently holds a 30% stake in Bharti Hexacom.
Initially, TCIL had aimed to sell 20% of its equity in Bharti Hexacom. However, it has now withdrawn this application and informed the telecom department (DoT) about its revised plan to divest only 15% of its equity for the time being.
Bharti Airtel holds a 70% stake in Bharti Hexacom, equivalent to 35 crore shares, while TCIL holds the remaining 30% stake, equivalent to 15 crore equity shares, as per the draft red herring prospectus (DRHP).
TCIL will sell 7.5 crore shares in Bharti Hexacom through the public offering. By offloading equity in two phases, TCIL aims to achieve its valuation target range of Rs 28,000 crore to Rs 35,000 crore.
Queries to TCIL and Bharti Airtel did not receive any response.
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