Bharti Tele-Ventures gets listed
Over 17million shares traded on BSE and NSE on Day 1
Mumbai, February 18, 2002 : The shares of Bharti Tele-Ventures, India’s leading private sector provider of telecommunications services, listed on the Stock Exchanges here today within a record time of 10 working days after the Initial Public Offer (IPO) which closed on February 2, 2002.
The company’s shares simultaneously listed on The Stock Exchange, Mumbai (BSE), Delhi Stock Exchange (DSE) and the National Stock Exchange (NSE). Bharti Tele-Ventures recently raised Rs 834 crore through the first 100 per cent Book-Building Initial public Offer (IPO) in the country. The IPO was oversubscribed over 2.5 times.
For the first time in the history of Indian capital markets, a bell ringing ceremony at the Convention Hall of Phiroze Jeejeebhoy Towers, BSE, was organised to signal the start of trading for the day. Mr Sunil Bharti Mittal, Chairman and Managing Director, Bharti Tele-Ventures had the honour of ringing the bell, to mark the listing of Bharti Tele-Ventures on the BSE.
The listing ceremony was also conducted simultaneously in the Delhi Stock Exchange. These ceremonies were followed by a commemorative ceremony at the National Stock Exchange, Mumbai. This is the first time in India that the listing ceremonies were conducted, along the lines of listing ceremonies prevalent internationally.
In a presentation to the stock broking community in Mumbai coinciding with the listing ceremony at the BSE, Bharti unveiled the group’s strategy in the telecom sector.
Mr Sunil Bharti Mittal said: “We are indeed privileged to list Bharti Tele-Ventures on India’s premier stock exchanges BSE, NSE and DSE. On this historic day, we begin a special relationship with all our investors. Bharti reiterates its commitment to uphold high standards of corporate governance in its operations to benefit all its stake-holders.”
Mr A N Joshi, Executive Director, BSE said: “BSE has always been a pioneer in innovation and introducing the latest trends in the Indian capital markets. We are happy to welcome Bharti Tele-Ventures on the Exchange. I am confident that Bharti will also set standards in corporate governance. BSE and specially our Investor Services Cell would extend all help in this respect to serve investors.”
Mr. Ravi Narain, Managing Director, NSE said, “ NSE proudly welcomes Bharti Tele-Ventures to its roll. We are confident that the relationship between NSE and Bharti Group will be long lasting and a rewarding one in the years to come.”
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 1,457,430 customers as of January 31, 2002, consisting of approximately 1,184,544 cellular 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.