Bharti Airtel on Wednesday said it has appointed a Committee of the Board of Directors to consider a public offer of its telecom tower unit Bharti Infratel Ltd (BIL) by selling up to 10 percent stake.
Mumbai: Bharti Airtel on Wednesday said it has appointed a Committee of the Board of Directors to consider a public offer of its telecom tower unit Bharti Infratel Ltd (BIL) by selling up to 10 percent stake.
"The Committee of its Board of Directors will consider and finalise the terms and conditions with respect to participation in the offer for sale of equity shares up to 10 percent of BIL's equity share capital and for matters incidental thereto," Bharti Airtel said in a filing to the BSE.
BIL has more than 33,000 towers in operation. Bharti Airtel also holds 42 percent stake in joint venture tower company Indus Towers, which has over 1.10 lakh towers.
Other players in the tower business include Anil Ambani-led Reliance Infratel and Viom Networks -- a joint venture between Tata Teleservices and Kolkata-based Quippo Infrastructure.
The company however did not specify the timeline for the listing.
"BIL has informed the company that any offering and its timing will be subject to market conditions, obtaining necessary shareholder and regulatory approvals," it said.
BIL has also indicated that there can be no assurance that "any offering will happen in a timely manner or at all".
The final decision for the proposed issue will be taken by the Committee of Directors/the Board of Directors of BIL, it said.
So far, none of the tower companies is listed in India, although Reliance Infratel had plans to do so.