Bharti Airtel rose 0.46% to Rs 596.80 after the company said that it will acquire a Warburg Pincus affiliate s 20% equity stake in its DTH arm Bharti Telemedia for a total consideration of approximately Rs 3,126 crore.
The telecom company s board has approved the issuance of upto 3.64 crore equity shares of the company at Rs 600 per share; and up to Rs 1037.80 crore in cash.
The proposed transaction is part of Airtel s strategy to align the shareholding of its customer facing products, services and businesses under the same holding group. A full control and ownership over Bharti Telemedia would allow Airtel to offer differentiated and converged solutions to customers so as to promote One Home strategy.
Domestic barometers hit the day s high in mid-afternoon trade. The Nifty scaled the 13,700 mark. Buying was seen in banking, financial and metal stocks while IT shares corrected.
At 14:22 IST, the barometer index, the S&P BSE Sensex, surged 474.42 points or 1.02% at 46,918.64. The Nifty 50 index rose 135.90 points or 1% at 13,737.
In broader market, the S&P BSE Mid-Cap index was up 0.31% while the S&P BSE Small-Cap index added 0.66%.
The market breadth was positive. On the BSE, 1669 shares rose and 1182 shares fell. A total of 175 shares were unchanged. In Nifty 50, 35 stocks advanced while 15 stocks declined.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 7,86,74,527 with 17,29,984 deaths. India reported 2,83,849 active cases of COVID-19 infection and 1,46,756 deaths while 96,93,173 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.