The government is planning to raise about Rs 7,000 crore by selling the stake of Telecommunications Consultants India Limited (TCIL) in Bharti Hexacom.
Bharti Hexacom, an unlisted company that offers mobile services in Rajasthan and northeast circles, is a joint venture between Bharti Airtel, which holds 70 per cent stake in the JV, and TCIL which has 30 per cent shares in the firm.
The government’s Department of Telecomnunications (DoT) plans to sell 30 per cent stake of state-owned TCIL in the Bharti Hexacom, people aware of the matter were quoted in a Economic Times report as saying.
Under the arrangement, Bharti Hexacom would reportedly opt for a public listing of its stocks and issue an IPO upon regulatory approvals.
The DoT is in the final stages of issuing a direction to TCIL which will first negotiate with Bharti Airtel, which has a right to first refusal as per the terms and conditions of the agreement between the two, according to the ET report.
SBI Caps has been engaged for valuation and completion of transaction by TCIL.