Bharti Airtel surges as its arm inks pact to acquire additional stake in Avaada MHAmravati
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Bharti Airtel is currently trading at Rs. 749.75, up by 6.30 points or 0.85% from its previous closing of Rs. 743.45 on the BSE.
The scrip opened at Rs. 745.15 and has touched a high and low of Rs. 753.00 and Rs. 742.75 respectively. So far 42700 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 877.10 on 25-Nov-2022 and a 52 week low of Rs. 629.05 on 14-Jul-2022.
Last one week high and low of the scrip stood at Rs. 769.40 and Rs. 738.70 respectively. The current market cap of the company is Rs. 447676.02 crore.
The promoters holding in the company stood at 55.12%, while Institutions and Non-Institutions held 40.83% and 4.04% respectively.
Bharti Airtel’s subsidiary -- Nxtra Data has entered into an agreement for acquisition of additional 2,390,500 (5.464%) equity shares of Rs 10 each in Avaada MHAmravati, a special purpose vehicle formed for the purpose of owning and operating the Captive Power Plant, in terms of the regulatory requirement for captive power consumption under electricity laws.
Object of acquisition is to comply with regulatory requirement for captive power plants under the provisions of Electricity Act 2003 and Indian Electricity Rules 2005 and procurement of cost-effective renewable energy. Cost of acquisition is Rs 2.39 crore.
Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.
