Shares of Bharti Hexacom surged nearly 3 percent on April 23, after the mobile and broadband service provide and parent Bharti Airtel announced the decision to acquire rights to use spectrum from Adani Data Network, a subsidiary of Adani Enterprises.
Bharti Hexacom shares hit a 52-week high of Rs 1,689.9 apiece in the morning. Shares of Bharti Airtel were subdued after hitting a 52-week high of Rs 1,904 on April 21.
In an exchange filing shared post-market hours of April 22, Bharti Airtel Group companies announced definitive agreements with the Adani Group company to acquire rights to use 400 MHz of spectrum in the 26 GHz band in Gujarat (100 MHz), Mumbai (100 MHz), Andhra Pradesh (50 MHz), Rajasthan (50 MHz), Karnataka (50 MHz) and Tamil Nadu (50 MHz).
The said transaction is subject to statutory approvals and meeting of standard conditions, the exchange filing added.
The development comes as the Adani Group, which had yet to roll out 5G services more than two years after receiving a unified licence, received queries from the telecom department (DoT) regarding its plan, Moneycontrol reported earlier.
As part of the 5G rollout requirements, telecom operators are mandated to commercially launch services in both metro and non-metro circles. This obligation can be met by offering services in just one metro city or in at least one city within a non-metro circle. Adani Data Networks may comply by initiating broadband services in a single location or by establishing data connectivity at one of its ports.
Adani Enterprises shares were meanwhile trading with marginal gains at Rs 2,450.80 apiece.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
