NEW DELHI: Bharti Hexacom Ltd., a subsidiary of Bharti Airtel Ltd., announced an Initial Public Offering (IPO) of equity shares to enable Central PSU Telecommunications Consultants India Ltd. (TCIL), with a 30% stake in Bharti Hexacom, to offload 50% of its holding in the company. Bharti Hexacom Ltd. provides telecom services in Rajasthan and the North East.

The price band has been fixed at Rs. 542 to Rs. 570 per equity share of the face value of Rs. 5 each. At the upper end of the price band, the offer for sale (OFS) of up to 7,50,00,000 equity shares, or 15% of TCIL’s holding, would amount to Rs. 4,275 crore.

The IPO will open on April 3 and close on April 5. Bids can be made for a minimum of 26 equity shares and in multiples of 26 shares thereafter.

Originally incorporated in 1995 as Hexacom India Ltd., the name was changed to ‘Bharti Hexacom Ltd. ’ in 2004 when Bharti Airtel acquired a majority equity interest in the company.

Bharti Hexacom is present in 486 census towns and has an aggregate of 27.1 million customers across both the circles as of December 31, 2023. The company had invested Rs. 20,600 crore in capital expenditure in future-ready digital infrastructure as of December 31, 2023.