Bharti Airtel shares surged over 4 per cent on Monday after the company announced that it will acquire rights to use 4G spectrum of Aircel in eight telecom circles for Rs 3,500 crore.
At 10.48 am, Bharti Airtel stocks were trading 3.66 per cent up at Rs 346.55. The scrip opened at Rs 342.05 and has touched a high and low of Rs 348.50 and Rs 341.00, respectively, in trade so far.
Later, the scrip closed 4.20 per cent up at Rs 348.35.
Bharti Airtel and its subsidiary Bharti Hexacom entered into a definitive agreement with Aircel and its subsidiaries Dishnet Wireless and Aircel Cellular to acquire rights to use 20 megahertz (MHz) in 2300 band 4G TD spectrum in the eight circles, the company announced on Friday.
Bharti will acquire spectrum or radiowaves in 2,300 MHz band in Tamil Nadu, Bihar, West Bengal, Jammu and Kashmir, Assam, North East, Andhra Pradesh and Odisha, the company said in a statement.
Aircel had won the spectrum in a government auction and is entitled to hold it till September 20, 2030.
This is the second deal in less than a month that will make the firm a pan-India operator for providing high speed mobile data services.
Earlier, Bharti bought radiowaves from Videocon Telecommunication for six regions for Rs 4,428 crore to increase its network coverage.