Bharti Airtel shares gained as much as 3 per cent on Monday after the telecom major said it is likely to consider a buy back of equity shares in its board meeting on Wednesday (April 27). The company, however, did not specify the number of shares it mulls to buy back.
At 10.13 am, shares of Bharti Airtel were trading 2.18 per cent up at Rs 360.80. The scrip opened at Rs 355 and has touched a high and low of Rs 363.85 and Rs 355, respectively, in trade so far. Sensex was down 84.70 points, or 0.33 per cent, at 25,753.44.
Later, the scrip closed 1.63 per cent up at Rs 358.85.
Bharti Airtel in a BSE filing said, “The board of directors of the company will consider to recommend final dividend for the financial year ended March 31, 2016 or buy back of equity shares of the company or a combination thereof, in its meeting scheduled to be held on April 27, 2016.”
Bharti Airtel is also looking to sell 5 per cent stake in its tower unit Bharti Infratel through an open market trade deal to raise about Rs 3,500 crore to Rs 4,000 crore, sources said. The proceeds of the sale are likely to be used to cut debt.
(With agency inputs)