Bharti Infratel Limited (the “Company”) has finalized the allocation of 28,335,000 Equity Shares (15% of the total Offer of 188,900,000 Equity Shares) to 18 Anchor investors at Rs. 230 aggregating to Rs. 6517 mn (Rs. 651 crores).
The Anchor Investors’ list includes Alliance bernstein, Battery March, Clough capital, Columbia Wagner, Morgan Stanley, Route One Capital, Sundaram MF, Wellington among others.
The details of the Anchor Investors to whom shares have been allotted are also available at the National Stock Exchange of India Limited (NSE) and BSE websites. Our stock exchange intimation enclosed.
The Company is proposing a public offer of 188,900,000 equity shares of face value of Rs. 10 each (the “Equity Shares”) for cash at a price to be determined through a 100% Book Building Process (the “Offer”). The Price Band has been fixed between Rs. 210 and Rs. 240 per Equity Share. The Issue comprises of a fresh issue of 146,234,112 Equity Shares by the Company (“the FRESH ISSUE”) and an offer for sale of 42,665,888 Equity Shares by certain shareholders (the “OFFER FOR SALE”). The Offer will constitute 10% of the post-Offer paid-up Equity Share capital of the Company.
The Bid/ Offer period opens for subscription on Tuesday, December 11 2012, and will close on Friday, December 14, 2012, for all Bidders (except for Anchor Investors). The Company and the Selling Shareholders may, in consultation with the Book Running Lead Managers, consider participation by Anchor Investors. The Anchor Investor Bid/Offer Period shall be one Working Day prior to the Bid/Offer Opening Date; i.e., Monday, December 10, 2012, in accordance with the SEBI Regulations.
50% of the Issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”). 5% of the QIB Portion, excluding the Anchor Investor Portion, shall be available for allocation on a proportionate basis to Mutual Funds only. The remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB bidders, including Mutual Funds, subject to valid Bids being received at or above the Issue Price.
Further, not less than 15% of the Issue shall be available for allocation on a proportionate basis to Non Institutional Bidders and not less than 35% of the Issue shall be available for allocation to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price. QIBs, other than Anchor Investors, and Non Institutional Bidders shall participate in this Issue only through the ASBA process by providing the details of the bank accounts which will be blocked by the Self Certified Syndicate Banks (“SCSBs”) to the extent of the Bid Amount. Retail Individual Bidders can participate in the Issue through the ASBA process as well as the non-ASBA process.
The Issue has been assigned a 4/5 grading by CRISIL Limited indicating that the fundamentals of the Issue are above average related to other listed equity securities in India.
The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited. NSE is the designated stock exchange for the Issue.
The Joint Book Running Lead Managers to the Issue are DSP Merrill Lynch Limited, J P Morgan India Private Limited, Standard Chartered Securities (India) Limited, UBS Securities India Private Limited. The Book Running Lead Managers (“BRLMs”) to the Issue are Barclays Securities India) Private Limited, Deutsche Equities India Private Limited, Enam Securities Private Limited, HSBC Securities and Capital Markets (India) Private Limited and Kotak Mahindra Capital Company Limited. The Co-Book Running Lead Managers to the Issue are BNP Paribas, DBS Bank Limited, HDFC Bank Limited and ICICI Securities Limited.