Bharti Airtel jumps 7 pc on completion of Zain Africa buy
Bharti Airtel share surged nearly 7 per cent in the morning trade on the BSE today, after completion of the $10.7-billion acquisition of Zain's Africa operations.business Updated: Jun 09, 2010 11:57 IST
Bharti Airtel share surged nearly 7 per cent in the morning trade on the BSE today, after completion of the $10.7-billion acquisition of Zain's Africa operations.
Share of Bharti Airtel soared 6.65 per cent to a high of Rs 274.95, from the previous close on the Bombay Stock Exchange.
On March 30, 2010, Bharti had entered the deal to acquire Zain Telecom's operations in 15 nations, excluding Sudan and Morocco. With this acquisition, Bharti, now has a subscriber base of around 180 million.
"The completion of the deal has given a sigh of relief to Bharti's investors as they were awaiting the deal to go through smoothly. Investors are bullish on the future prospects of the company and its manageable debt position," SMC Capital vice-president Rajesh Jain said.
On the National Stock Exchange, the stock climbed to a high of Rs 274.90, up 6.40 per cent.
On Tuesday, Bharti Airtel had said that its debt position following the $10.7-billion acquisition of Zain Africa is "manageable".