Shares of Bharti Airtel on Monday surged by over 4 per cent after the company announced that it will acquire rights to use 4G spectrum of Aircel in eight telecom circles for Rs. 3,500 crore.
The stock was trading at Rs. 348.50 on BSE, up 4.24 per cent from the previous close. On NSE, the shares were trading at Rs. 347.20, a rise of 3.77 per cent.
Bharti Airtel and its subsidiary Bharti Hexacom entered into a definitive agreement with Aircel and its subsidiaries Dishnet Wireless and Aircel Cellular to acquire rights to use 20 megahertz (MHz) in 2300 band 4G TD spectrum in the eight circles, the company announced on Friday.
These circles are Tamil Nadu (including Chennai), Bihar, Jammu and Kashmir, West Bengal, Assam, the Northeast, Andhra Pradesh and Odisha. This is the second deal in less than a month that will make the firm a pan-India operator for providing high speed mobile data services.
Earlier, Bharti bought radiowaves from Videocon Telecommunication for six regions for Rs. 4,428 crore to increase its network coverage.
