Bharti Hexacon, an arm of Bharti Airtel, filed a draft red herring prospectus with SEBI for an IPO on Saturday.
In a letter to the National Stock Exchange, the company said that its board of directors in a meeting held on Friday approved IPO of equity shares of face value of ₹5 each, comprising an offer for sale (OFS) of up to 10 crore equity shares.
“The IPO shall not have any fresh issuance of equity shares and will be undertaken subject to requisite approvals and market conditions. Being an OFS, the company will not receive any proceeds from the IPO,” the letter stated.
This is a developing story. Stay tuned for updates.
