Bharti Hexacon, an arm of Bharti Airtel, filed a draft red herring prospectus with SEBI for an IPO on Saturday.

In a letter to the National Stock Exchange, the company said that its board of directors in a meeting held on Friday approved IPO of equity shares of face value of 5 each, comprising an offer for sale (OFS) of up to 10 crore equity shares.

This is a developing story. Stay tuned for updates.

IPO stands for Initial Public Offering and it is when the promoters of the company in question for the first time want to raise additional funds by offering shares of the company.

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