NEW DELHI: State-run Telecommunication Consultants India Limited (TCIL) is likely to sell its remaining 15% share in Bharti Hexacom in multiple tranches for a windfall income."The government is considering selling out 15% share in Bharti Hexacom in two or more tranches to maximise the proceeds.Decision not to sell the complete stake in one go previously helped the government to maximise its return by more than 60% over its target value of Rs 9,500-crore. Selling the balance stake in multiple tranches will further enhance value maximization for the government," a senior Department of Telecommunications (DoT) official told ET.In April this year, the public sector firm sold 15% equity of the total 30% it had in Sunil Mittal-driven Bharti's unit Bharti Hexacom that fetched Rs 4,275-crore to the state exchequer at Rs 570 per share.The Prime Minister Narendra Modi-headed government has set a target of Rs 9,500-crore for the state-owned telecommunication company from the 30% stake sale in Bharti Hexacom.Last month, the government valued the residual 15% equity at Rs 10,300-crore, considering a share price of Rs 1,375.However, Bharti Hexacom shares were trading at Rs 1,404.05 on Tuesday afternoon at the Bombay Stock Exchange (BSE).Non-promoter TCIL was having a 30% shareholding, equivalent to 15 crore equity shares of which it sold 7.5 crore shares following the nod from the Dept. of Telecom and Department of Investment and Public Asset Management (Dipam).The analysts say that no further approval is needed by the state-owned company for selling partial stake --TCIL, however, it has to sell out the remaining 15% equity after a lock-in period of six months, as per the regulatory requirement.Bharti Airtel holds 70 percent stake or 35 crore shares in Bharti Hexacom. It had raised its holding in the unlisted Bharti Hexacom to 70% in 2004 by acquiring Rajiv Malhotra-headed Shyam Telecom’s 37.5% stake in the company.In the Initial Public Offer (IPO), the qualified institutional investors (QIB) showed an overwhelming response and the portion was oversubscribed by 48.57-fold.The overwhelming market response comes in a sharp contrast to financial analysts such as SBICaps and JM Financial pegging the 30% stake in a bracket of Rs 3,000 crore - 5,500 crores.Bharti Hexacom has reportedly appointed investment bankers such as Axis Capital, SBI Caps, IIFL and ICICI Securities to start the IPO process.Bharti Hexacom offers consumer mobile, fixed-line telephony and broadband services under the Airtel brand name to customers in Rajasthan and the six states of Northeast excluding Assam.