The announcement was made before market hours today, 26 November 2018.

Meanwhile, the S&P BSE Sensex was up 42.92 points, or 0.12% to 35,023.94

On the BSE, 1.34 lakh shares were traded in the counter so far compared with average daily volumes of 5.27 lakh shares in the past two weeks. The stock had hit a high of Rs 338.25 and a low of Rs 328.20 so far during the day.

Airtel Africa, a subsidiary of Bharti Airtel, today announced the appointment of global banks for an intended IPO on an international stock exchange. This follows the recent subscription of shares in Airtel Africa by six leading global investors for an aggregate consideration of $1.25 billion.

Airtel Africa is a pan-African telecommunications company with operations in 14 countries across Africa. Its product offerings include 2G, 3G and 4G wireless voice and data services and mobile commerce through Airtel Money.

As reported in the October 2018 quarterly report, during the second quarter ending 30 September 2018, Airtel Africa's revenues grew in constant currency by 10.8% Y-o-Y, led by growth in data and Airtel money transactions. The company also witnessed an improvement of EBITDA margin by 3.9% Y-o-Y to 37.1%.

Bharti Airtel's consolidated net profit fell 57.48% to Rs 249.20 crore on 6.22% decline in net sales to Rs 20422.50 crore in Q2 September 2018 over Q2 September 2017.

Bharti Airtel is a leading global telecommunications company with operations in 18 countries across Asia and Africa.