Refer Report
New Delhi, March 24 (PTI) The initial share sale of Bharti Hexacom, a subsidiary of telecom major Bharti Airtel, will start from April 3. Application for IPO can be made for next three days i.e. till 5th April. In the new financial year (2024-25), Bharti Hexacom will be the first company to make its market debut through the main market platform.
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Existing shareholder Telecommunications Consultants India will sell 7.5 crore shares through the IPO. The size of the partial share sale has been brought down to 7.5 crore shares from the planned 10 crore shares. The company will not receive any funds through the IPO as the existing shareholders will sell their shares through partial share sale. Currently, the lead promoter Bharti Airtel holds 70 percent stake and the remaining 30 percent stake is held by state-owned company Telecommunications Consultants India Limited.
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Bharti Hexacom provides mobile services, fixed-line telephone and broadband services to customers mainly in Rajasthan and North Eastern telecom circles. The company had earned a net profit of Rs 549.2 crore in FY 2023. The company had reported a profit of Rs 1,951.1 crore in the previous year. The shares of the company will be listed on the National Stock Exchange and the Bombay Stock Exchange.
Source: Marathi