Bharti Airtel gains as its arm inks pact to acquire 97.1% stake in Beetel Teletech
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Bharti Airtel is currently trading at Rs. 1020.25, up by 7.20 points or 0.71% from its previous closing of Rs. 1013.05 on the BSE.
The scrip opened at Rs. 1018.00 and has touched a high and low of Rs. 1022.35 and Rs. 1016.15 respectively. So far 11069 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1046.35 on 05-Dec-2023 and a 52 week low of Rs. 736.20 on 02-Mar-2023.
Last one week high and low of the scrip stood at Rs. 1043.05 and Rs. 998.45 respectively. The current market cap of the company is Rs. 609574.52 crore.
The promoters holding in the company stood at 54.75%, while Institutions and Non-Institutions held 41.68% and 3.58% respectively.
Bharti Airtel’s wholly-owned subsidiary -- Bharti Airtel Services has entered into an agreement for acquisition of 49,45,239 equity shares representing 97.1% stake in another Bharti Group company, Beetel Teletech, which also has 49% stake in Joint Venture having two manufacturing facilities which produce telecom and networking products including those qualifying for Production Linked Incentive (PLI) Scheme. Cost of acquisition is Rs 669 crore.
This acquisition is a part of company’s strategy to enable indigenization initiatives within its own ecosystem of telecom products in line with the government’s policy of ‘Make In India’; and add distribution and service capabilities (including system integration) largely for company’s enterprise business.
Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.
