Bharti Airtel climbs 5% on Bharti Infratel sale buzz

Shares of Bharti Airtel advanced over 5 per cent on Wednesday after reports said that a consortium led by US buyout fund KKR is in discussion to acquire Bharti Infratel for $11 billion along with Indus Towers, the world’s largest wireless infrastructure company.

Following the development, the stock gained 5.04 per cent to end at Rs 403.40 on BSE. It opened at Rs 380.30 and touched an intraday high and low of Rs 407 and Rs 380.30 respectively.

The move is expected to spur fresh capital inflow for the telecom major.

Meanwhile, Bharti Airtel signed a deal with Karbonn to launch a smartphone worth Rs 1,399, ET Now reported.

For the quarter ended June 30, 2017, the company reported total revenue at 14,506.50 crore and net profit stood at 280.60 crore.

The scrip touched its fresh 52-week high of Rs 438 on August 28, 2017 and its 52-week low of Rs 283.95 on November 9, 2016.