Bharti Airtel jumps over 5%

Bharti Airtel rose over 5.5% to an intra day high at Rs.445.80 and remains firmly in the green. Its 52-week high is at Rs.565.

The market is happy with the new development – Singapore Telecom or Singtel as better recognized is increasing its stake in the company from current 47.17% to 48.90%. This stake comes at Rs.2649 crore. 8.54 lakh shares are being allotted to Singtel at a price of Rs.310/share.

Bharti Enterprises continues to hold over 50% stake in Bharti Telecom.

The transaction is expected to be completed by March 2018.

This stake for Singtel will be through a preferential allotment and Bharti plans to use the money to reduce its debt.