November 30, 2012 / 4:25 AM / 5 years ago

India's Bharti Infratel IPO band set at 210-240 rupees/share

NEW DELHI, Nov 30 (Reuters) - Bharti Infratel Ltd, the telecommunications tower unit of top Indian phone carrier Bharti Airtel Ltd, has set a price band of 210 rupees to 240 rupees a share for its initial public offering, the firm said on Friday.

The issue, which will open on Dec. 10 for cornerstone investors and close on Dec. 14, will raise about 45.34 billion rupees ($825 million) at the upper end of the price band.

The offering - 188.9 million shares or 10 percent of Bharti Infratel - is set to be India’s biggest IPO in two years after state-run Coal India Ltd raised $3.5 billion in October 2010. ($1 = 54.9275 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Daniel Magnowski)

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