Bharti Airtel share price jumped three percent after the company on March 29 said the telecom firm, along with unit Nettle Infrastructure Investments, had bought 12.71 crore shares of Indus Towers from an affiliate of UK’s Vodafone Group Plc for Rs 2,388.05 crore.
The 4.7 percent stake was bought at Rs 187.88 a share, it told exchanges. This deal comes with the condition that funds be used by Vodafone as fresh equity in Vodafone Idea and be simultaneously remitted to Indus for clearing dues.
At 12:21 hours, Bharti Airtel was trading at Rs 754.95, up Rs 21.60 or 2.95 percent on NSE. It touched an intraday high of Rs 762.85 and an intraday low of Rs 737.05.
Recently, Bharti Airtel prepaid Rs 8,815 crore of spectrum dues to cut down on interest expenses. This was the second such prepayment by the firm in the last three months.
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Over the last four months, the company has cleared Rs 24,334 crore of its deferred spectrum liabilities ahead of scheduled maturities. These liabilities carried an interest rate of 10 percent. Airtel now has spectrum dues of around Rs 67,000 crore and adjusted gross revenue dues of Rs 25,000 crore.
Global research firm Credit Suisse has retained an outperform call on the stock with a target of Rs 900, an upside of 19 percent. The brokerage believes that the company is well positioned to be one of the leading integrated telcos in India. "TAM for emerging enterprise production offerings to post 25% CAGR by 2025," it said, according to a CNBC-TV18 report.
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