The way has been cleared for another IPO to enter the market in the coming days. Bharti Hexacom, a unit of Bharti Airtel, has received approval from capital markets regulator SEBI to raise funds through an initial public offering (IPO). No new shares will be issued in Hexacom’s IPO. This will be entirely based on Offer for Sale (OFS). According to Bhasha news, under OFS, 10 crore shares will be sold by Telecom Consultants India Limited.
The company had filed papers in January
According to the news, Bharti Hexacom had filed documents for the IPO with the Securities and Exchange Board of India (SEBI) in January. The company received the findings letter on March 11. SEBI’s conclusion letter is necessary for any company to launch an IPO. Bharti Hexacom provides telecom services in Rajasthan and North-East. According to the news, according to the draft red herring prospectus (DRHP) filed by the company with market regulator SEBI on January 19, promoter Bharti Airtel will hold 70 percent stake (equivalent to 35 crore equity shares) and the remaining 30 percent shareholding (equivalent to 15 crore equity shares) ) Is. Shares) are held by non-promoter Telecom Consultants India.
company performance
Bharti Hexacom provides consumer mobile services, fixed line telephone and broadband services under the Airtel brand to customers in Rajasthan and North East. The company had reported a net profit of Rs 549.2 crore in FY 2023. This is a decline of 67.2 percent compared to the previous year. Its profit in FY 2022 was Rs 1,951.1 crore. Revenue from operations grew 21.7 percent to Rs 6,579 crore.
For the six-month period ending September 2024, net profit fell 64.6 per cent year-on-year to Rs 69.1 crore, hit by higher tax costs and extraordinary losses, but revenue grew 8 per cent to Rs 3,420.2 crore during the same period.
Latest Business News