Bharti Airtel 'towers' up

Bharti Airtel is buzzing quite a bit today. The stock, which had closed yesterday at Rs.733.05, opened higher today at Rs.740.40 and went up to an intraday high at Rs.781.80. Even the partly paid share, which had closed yesterday at Rs.365.85, opened higher today at Rs.374 and went up to an intraday high at Rs.382.90.

The company announced today morning that, it along with wholly owned subsidiary, Nettle Infrastructure Investments Ltd, bought 12.71 crore shares of Indus Towers from Euro Pacific Securities Ltd, an affiliate of UK’s Vodafone Group Plc for Rs 2,388 crore.

This 4.7% stake in one of the largest tower infrastructure provider in the country was acquired at Rs.187.88/share.

The firm acquired a 4.7 percent stake in Indus Towers at Rs 187.88 a share and this on the condition that these funds are to be used by Vodafone as fresh equity in Vodafone Idea and simultaneously remitted to Indus to clear outstanding dues.