Bharti Airtel today said it has appointed a Committee of the Board of Directors to consider a public offer of its telecom tower unit Bharti Infratel Ltd (BIL).
Committee of its Board of Directors, to consider and finalise the terms and conditions with respect to participation in the offer for sale of Equity Shares ("OFS") upto 10% of BIL's equity share capital and for matters incidental thereto, the company said in the filing.
The shares of the company were seen trading lower by 2.13% at Rs 287.77 at 1.12 pm IST on BSE.
BIL has more than 33,000 towers in operation. Bharti Airtel also holds 42 per cent stake in joint venture tower company Indus Towers, which has over 1.10 lakh towers, reports PTI.
Earlier today, the company posted disappointing Q1 numbers on adverse regulatory and tax issues, which impacted the operating profits. The company's net profit declined by 37% to Rs 762.2 crore.
Bharti Airtel also holds 42% stake in joint venture tower company Indus Towers, which has over 1.10 lakh towers.
However, final decision for the proposed issue will be taken by the Committee of Directors/the Board of Directors of BIL, it said.