Bharti Airtel plans to raise at least Rs 2,125 crore by selling up to 8.5 crore shares in its tower business unit Bharti Infratel via stock exchanges at a floor price of Rs 250 per share tomorrow.
In a late night communication to the stock exchanges, Bharti Airtel today said up to 45,000,000 equity shares of Rs 10 each of Bharti Infratel would be sold on August 7 "through a sale on the separate window provided by BSE and NSE."
It also announced the floor price at Rs 250 per share, a 7.7 per cent discount to its last traded price.
In addition to these shares, Bharti Airtel may also sell up to 4 crore equity shares in the offer. The additional shares, if sold, would net another Rs 1,000 crore, taking the minimum fund-raising to Rs 2,125 crore.
The sale process would start at 9.15 AM and close at 3.30 PM on the same day.
The allocation of shares would be on the price priority method. One-fourth of the total offer has been kept reserved for allocation to mutual funds.
Bharti Infratel's shares today closed at Rs 270.90 apiece, down 1.53 per cent over the previous closing in BSE.
Promoters held 65.37 per cent stake in Bharti Infratel at the end of June 30, 2014.
Bharti Infratel is one of the largest tower infrastructure providers in India. The company had raised Rs 3,165.7 crore in 2012 though its initial public offer.