Sunil Mittal promoted Bharti Group said on Wednesday its plans for listing group company Bharti Televentures has been put on hold due to unfavourable market conditions.
Bharti Televentures was earlier slated to MoP upto $ 200 million from Indian or overseas market for funding the company's expansion plans in National Long Distance (NLD), basic and cellular operations. The market conditions are currently unfavourable and the listing plans for Bharti Televenture have been put on hold, Rajan Bharti Mittal, Joint Managing Director of Bharti Telecom said.
While declining to put a timeframe to deferment of the Initial Public Offering (Ipo), Mittal said that the group would closely monitor the markets to arrive at a suitable time for the issue. Although, Bharti chairman and group managing director Sunil Bharti Mittal had recently favoured Indian market for listing, Rajan Mittal said on Wednesday that Bharti was still evaluating both Indian and overseas market for the public issue and was yet to finalise its decision on the matter.
Bureau Report