Private telecom services provider Bharti Airtel on Monday surged 2.22 per cent on the BSE, a day after the company said it had arranged the entire financing of USD 8.3 billion for its plans to buy Zain telecom’s Africa assets.
After opening firm on the Bombay Stock Exchange, Bharti shares climbed 2.22 per cent to a high of Rs. 318.80, from its previous close.
On the National Stock Exchange, the stock rose 2.01 per cent to Rs. 318.20.
A total of 7,45,940 shares of Bharti Airtel changed hands in the early morning trade on both the bourses.
Yesterday, the company had announced that the entire financing requirement of USD 8.3 billion for the proposed acquisition of Zain’s African unit (Zain Africa BV) had been successfully tied up. Zain and Bharti are in exclusive talks till March 25.
In all, USD 7.5 billion debt would be dollar-denominated and the remaining about USD 1 billion will be in rupee loan.
Bharti Airtel and Kuwait’s Zain are in exclusive talks for the acquisition of Zain’s African unit.