Airtel board approves Bharti Hexacom IPO, govt to sell 20% stake via OFS

The board of Bharti Airtel has approved the initial public offering of its subsidiary Bharti Hexacom, a regulatory filing stated on January 20. Bharti Airtel, one of the three telecom majors of India, owns 70 percent stake in Bharti Hexacom, whereas, the remaining 30 percent is owned by the Government of India. The IPO will comprise an offer-for-sale (OFS) of 10 crore equity shares, of face value of Rs 5 each. This constitutes "20 percent of the company's paid-up share capital", as per the exchange filing.