Mahindra British Telecom to file for IPO

DEC 13: Software firm Mahinra British Telecom (MBT) said on Wednesday it will soon file offer documents for its initial public offering (I...

DEC 13: Software firm Mahinra British Telecom (MBT) said on Wednesday it will soon file offer documents for its initial public offering (IPO) with capital market regulator Securities and Exchange Board of India.

The IPO will involve an issue of fresh equity and an offer for sale by existing shareholders, the firm informed the Bombay Stock Exchange. It did not specify when the offer documents would be filed.

MBT is a joint venture between the infotech unit of automobile firm Mahindra & Mahindra and British Telecommunications. The firm said it will offer 5,318,633 fresh equity shares of face value of Rs two each. The price for the offering will be decided through the book-building process, where investors are invited to bid for shares.

MBT said its two existing shareholders will also offer to sell a total of 6,382,267 shares. As part of the offer for sale, 1,063,700 shares will be reserved for shareholders of M&M, it said. The statement did not specify the shareholding pattern after the IPO.

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