Bharti Airtel: Airtel waives off first right of refusal for TCIL's stake in Bharti Hexacom
Bharti Airtel has waived its right of first refusal to acquire a 30% stake in Bharti Hexacom from state-owned Telecommunications Consultants India Ltd (TCIL). The move is seen as a lack of immediate value in the acquisition, according to analysts. Bharti Hexacom had previously filed a draft offer document to sell a 20% stake of TCIL, which will provide the government with a partial exit. TCIL's holding will drop to 10% after Bharti Hexacom's IPO, while Bharti Airtel will retain its 70% stake in the unit.
Source: indiatimes.com