Mumbai, Aug. 7: Bharti Airtel today raised over Rs 2,139 crore from the offer-for-sale in tower arm Bharti Infratel.
The share sale will help Bharti Infratel to comply with the rule that asks listed companies to have a minimum 25 per cent public shareholding.
Before the offer, Bharti Airtel held around 79.36 per cent in its subsidiary.
According to stock exchange data, the share sale was over-subscribed.
On Wednesday, Bharti Airtel had said it would sell 4.5 crore shares in Bharti Infratel via stock exchanges at a floor price of Rs 250 apiece, a discount of 7.7 per cent to Wednesday’s closing price. It later decided to sell 4 crore additional shares.
While the indicative price was fixed at Rs 251.71 per share, the offer saw bids for about 10.77 crore shares, translating to over Rs 2,139 crore.
The market regulator had last year permitted stock exchanges to provide a separate window to enable promoters of listed companies to dilute or offload their holdings in listed companies in a transparent manner.
Investors willing to participate in such offers have two options. Institutional and non-institutional investors can place their orders by making a 100 per cent upfront payment. Such orders can be modified or cancelled any time during trading hours.
Institutional investors can also place orders without paying the upfront margin. However, such orders cannot be modified or cancelled. They can revise the price or quantity upwards.
Of the two options, the Bharti offer saw bids for over 1.23 crore shares where the 100 per cent margin has been stipulated. The most number of bids (9.54 crore) came from the second option of nil margin.