Bharti Airtel surges on getting nod from NCLT to transfer of optical fibre cable biz to Telesonic Networks

04 Jul 2019

Bharti Airtel is currently trading at Rs. 364.90, up by 9.40 points or 2.66% from its previous closing of Rs. 353.40 on the BSE.

The scrip opened at Rs. 355.80 and has touched a high and low of Rs. 364.95 and Rs. 353.15 respectively. So far 103122 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 366.20 on 11-Jun-2019 and a 52 week low of Rs. 254.29 on 22-Oct-2018.

Last one week high and low of the scrip stood at Rs. 364.95 and Rs. 342.95 respectively. The current market cap of the company is Rs. 185947.11 crore.

The promoters holding in the company stood at 67.14%, while Institutions and Non-Institutions held 30.86% and 2.00% respectively.

The National Company Law Tribunal (NCLT) has given its approval for a scheme of arrangement involving the transfer of optical fibre cable business undertaking of Bharti Airtel to wholly-owned subsidiary--Telesonic Networks.

The company had in November 2017 announced it plans to transfer the optical fibre cable business to Telesonic Networks for a valuation of up to Rs 5,650 crore. The optical fibre cable business of Bharti Airtel includes both underground and overground fibres.

Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323