Mumbai, February 17, 2002: Bharti Tele-Ventures Limited's (BTVL) has completed its initial public offering of 185 million shares and obtained the listing and trading permissions from National Stock Exchange (NSE), The Stock Exchange, Mumbai (BSE)) and Delhi Stock Exchange (DSE). The trading on the three exchanges would commence simultaneously on Monday, February 18, 2002, under the ticker symbol "Bharti".
BTVL has successfully raised approximately Rs. 8340 million by offering 185 million shares @Rs. 45 per share. The company has successfully completed the process of allotment of shares and has obtained all necessary permissions for listing and trading. This initial public offering, which was oversubscribed over 2.5 times is India's first 100 % book building offer.
The complete allotment and transfer of shares in respective demat accounts of the Investors was completed in a record time of one day from the last day of payment. In addition, the permission to list the shares has been obtained in a record time of 10 working days.
Sunil Bharti Mittal, Chairman and Group Managing Director, Bharti said "I would like to thank all our investors for making the Bharti's IPO a grand success. Today we begin a long term relationship with all our investors to share the fruits of growth at Bharti."
About Bharti Televentures
Bharti Tele-Ventures, a company promoted by Bharti Telecom, is India's leading private sector provider of telecommunications services based on an aggregate of approximately 1,340,000 customers as of November 30, 2001, consisting of approximately 1,048,000 cellular, 135,000 fixed-line and 157,000 Internet customers. Cellular services currently constitute the largest portion of its business in terms of total revenues. The company also provides fixed-line, VSAT, Internet and network solutions and has also commenced offering national long distance services by offering data transmission services and voice transmission services for cellular to cellular calls. The Company intends to offer voice transmission services for fixed-line subscribers shortly. Bharti Tele-Ventures intends to widen its range of telecommunications services to provide international bandwidth access and international voice services. The company seeks to capitalise on the growth opportunities that it believes is available in the Indian telecommunications market and consolidate its position to be the leading integrated telecommunications services provider in key markets in India, with a focus on providing cellular services.
Bharti Tele-Ventures is a holding company and its operations are segmented into four divisions, operated by wholly owned subsidiaries: Cellular - Bharti Cellular, Access - Bharti Telenet, Long Distance - Bharti Telesonic, Broadband Solutions -Bharti Broadband Networks.
Bharti Tele-Ventures presently offers cellular services in seven of the 22 circles in India and intends to provide cellular services in eight additional circles, for which the Company has entered into licenses with the DoT. As of November 30, 2001, approximately 92% of India's total number of cellular subscribers resided in their existing and proposed cellular circles, according to COAI reports.
Bharti Tele-Ventures was the first private sector operator to provide fixed-line services in India. It currently provides fixed-line services in the Madhya Pradesh circle, and Haryana circle and intends to provide fixed-line services in three additional circles of Delhi, Karnataka and Tamil Nadu, for which they have entered into licenses with the DoT.
Bharti Tele-ventures has always believed in creating strong partnerships with its joint venture partners. Today SingTel and Warburg Pincus are it's leading partners. The other partners include leading international financial investors such as International Finance Corporation, Asian Infrastructure Fund Group and New York Life Insurance.
Issued for and behalf of Bharti Tele -Ventures by:
Sampark Public Relations Pvt. Ltd.
Tel: 202 5550; Fax: 2845550