Shares of India’s largest telecom company Bharti Airtel jumped more than 2% on fundraising buzz on Thursday after the Sunil Mittal-led firm said on Wednesday that its board of directors will meet on 12 March 2018 to discuss the opportunities for fundraising. “The meeting of board of directors of the company will be held on Monday, 12th day of March 2018, to consider inter-alia, enablement from board to opportunistically raise funds including by issuance of secured / unsecured, listed / unlisted, non-convertible debentures, bonds or such other similar debt instrument(s) either denominated in Indian rupees or in foreign currency,” Bharti Airtel said in an exchange filing.
Following the announcement, the shares of Bharti Airtel surged as much as 2.63% to a day’s high of Rs 414 on BSE while the stock gained 2.7% to a day’s high of Rs 414.1 on NSE. A normal trading was observed in the shares of Bharti Airtel, as at 11:13 am, more than 36 lakh shares exchanged hands on both NSE and BSE with about 34 lakh on NSE alone. Since today morning, shares of Bharti Airtel are among the top five gainers out of the Sensex components.
In the meantime, the benchmark BSE Sensex was trading up 101.03 points at 33,134.12 after rising as much as 273 points in the morning deal with shares of HDFC, ICICI Bank, Reliance Industries, HDFC Bank, and Infosys providing the major boost to the index. While, on the other hand, shares of Yes Bank, Sun Pharma, Tata Motors and Coal India lost 1-5% with the stock of Yes Bank shedding the most.
Earlier on Tuesday this week, Bharti Airtel announced that it will acquire the Indian arm of Gulf Bridge International (GBI) India–Middle East–Europe submarine cable with both the companies agreeing to formulate joint ‘Go to Market’ strategies to leverage the footprint of their respective global networks to benefit their customers. Further, Bharti Airtel will also pick up a significant capacity on Middle East-Europe leg of GBI’s cable system.