The announcement was made during trading hours today, 30 November 2012. The stock sharply pared losses after the announcement. It fell as much as 1.62% at the day's low of Rs 324.80.
Meanwhile, the BSE Sensex was 155.89 points, or 0.81%, to 19,326.80.
On BSE, 3.92 lakh shares were traded in the counter as against an average daily volume of 5.67 lakh shares in the past one quarter.
The stock hit a high of Rs 334.75 and a low of Rs 324.80 so far during the day. The stock had hit a 52-week high of Rs 400.90 on 3 February 2012. The stock had hit a 52-week low of Rs 238.50 on 30 August 2012.
The stock had outperformed the market over the past one month till 29 November 2012, rising 22.39% compared with the Sensex's 2.87% rise. The scrip had also outperformed the market in past one quarter, gaining 36.26% as against Sensex's 9.61% rise.
India's largest listed telecom firm by sales has an equity capital of Rs 1898.76 crore. Face value per share is Rs 5.
Bharti Airtel said Bharti Infratel is offering 18.89 crore equity shares in its initial public offering (IPO). The price band for the IPO is set at Rs 210 to Rs 240 per share.
Bharti Airtel owns about 86% of Bharti Infratel. At the upper end of the price band, Bharti Infratel will raise about Rs 4534 crore, and at the low end Rs 3967 crore.
Bharti Airtel's consolidated net profit, as per International Accounting Standards (IFRS), declined 29.8% to Rs 721 crore on 17.4% growth in revenue to Rs 20273 crore in Q2 September 2012 over Q2 September 2011.
Bharti Airtel is a leading global telecommunications company with operations in 20 countries across Asia and Africa. Headquartered in New Delhi, India, the company ranks amongst the top 4 mobile service providers globally in terms of subscribers. In India, the company's product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed DSL broadband, IPTV, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G wireless services and mobile commerce. Bharti Airtel had over 262 million customers across its operations at the end of September 2012.
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United Spirits, Shriram Transport Finance Company, Colgate Palmolive (India) and Nestle India are among the other gainers.