Bharti Airtel m-cap zooms Rs 12,000 crore as 6 biggies pour $1.25 billion into Africa unit; stock soars 15%

By: | Published: October 24, 2018 5:28 PM

Bharti Airtel share price soared 15% intra-day on the BSE, adding Rs 12,332 crore to its market value on Wednesday

bharti airtel shares, bharti airtelBharti Airtel shares zoomed 15% to an intra-day high of Rs 328.75 on the BSE.

Bharti Airtel share price soared 15% intra-day on the BSE, adding Rs 12,332 crore to its market value on Wednesday after the company announced raising close to $1.25 billion from six marquee investors including SoftBank Group International and Warburg Pincus by diluting a stake in Airtel Africa. Bharti Airtel shares zoomed 15% to an intra-day high of Rs 328.75 on the BSE.

Bharti Airtel shares closed Wednesday’s trade 10.79% higher at Rs 316.75 per share. At this closing price, the market capitalisation of Bharti Airtel stood at Rs 1,26,617.65 crore. The shares closed 8.97% higher at Rs 311.55 per share on the National Stock Exchange. During the day, nearly 5.19 lakh shares of the company were traded on the BSE and over one crore shares changed hands on the NSE.

Also read: Airtel Africa gets $1.25 billion boost from 6 global investors; Softbank, Singtel and others pour in money

Sunil Mittal led Bharti Airtel Ltd on Wednesday said it is raising close to $1.25 billion from six global investors including SoftBank Group International and Warburg Pincus by diluting a stake in Airtel Africa. In a BSE filing, Airtel said along with the above two companies, Singapore-based Temasek Holdings and Singtel Telecommunications and two other investors will invest by subscribing to new shares.

According to the company, the proceeds would help the telecom operator to bring down Airtel Africa’s current debt of about $5 billion and use for growth of its African operations. The equity value of the African unit will be about $4.4 billion post the transaction. Bharti Airtel continues to expand its footprints in Africa through local deals over the past few years even as the Indian business under pressure. In the recent past, Bharti Airtel had made three acquisitions in Kenya, Uganda and Congo Brazzaville.

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