Bharti Airtel zoomed almost 9 percent to Rs 393 on BSE after the company said it will acquire Telenor India.
The announcement was made before trading hours today, 23 February 2017.
Meanwhile, the BSE Sensex was up 66.96 points, or 0.23 percent, to 28,931.67.
On the BSE, so far 5.69 lakh shares were traded in the counter, compared with average daily volumes of 1.81 lakh shares in the past one quarter. The stock had hit a high of Rs 400.65 and a low of Rs 369.05 so far during the day.
The stock hit a 52-week high of Rs 384.90 on 28 April 2016. The stock hit a 52-week low of Rs 283.95 on 9 November 2016.
The large-cap company has equity capital of Rs 1,998.70 crore. Face value per share is Rs 5.
Bharti Airtel, India’s largest telecommunications services provider, announced that it has entered into a definitive agreement with Telenor South Asia Investments (Telenor) to acquire Telenor (India) Communications (Telenor India).
The acquisition is subject to requisite regulatory approvals. As part of the agreement, Airtel will acquire Telenor India’s running operations in seven circles – Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. These circles represent a high population concentration and therefore offer a high potential for growth.
The proposed acquisition will include transfer of all of Telenor India’s assets and customers, further augmenting Airtel’s overall customer base and network. It will also enable Airtel to further bolster its strong spectrum foot-print in these seven circles, with the addition of 43.4 MHz spectrum in the 1800 MHz band.
Airtel will ensure quality services to Telenor India’s customers, while offering them the added benefits of its innovative product portfolio, access to superior voice & data services, mobile banking, VAS and domestic! international roaming facilities. Telenor India’s operations and services will continue as normal until the completion of the transaction, the company said in a statement.
Meanwhile, Bharti Airtel announced that it has through its subsidiary Bharti Airtel Services, acquired a strategic stake in Seynse Technologies, a financial technology company for undisclosed sum. The announcement was made during market hours yesterday, 22 February 2017.
The investment was completed by the company. Turnover of Seynse as on 31 March 2016 was Rs 6.53 lakh and had 41 employees. Seynse has created the popular digital leading platform Loan Singh, which enables easy loans for credit worthy yet under served borrowers. Seynse has built a proprietary credit engine and advanced machine learning capacity to serve customers.
Bharti Airtel’s consolidated net profit fell 54.54 percent to Rs 503.70 crore on 3.03 percent decline in net sales to Rs 23335.70 crore in Q3 December 2016 over Q3 December 2015.
Bharti Airtel is a leading global telecommunications company with operations in 17 countries across Asia and Africa.
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