Shares of Bharti Infratel rallied 6.6% to Rs 340 on BSE after a consortium of global private equity firms KKR and Canada Pension Plan Investment Board (CPPIB) bought 10.3% stake in tower infrastructure firm from open market on Tuesday.
“Bharti Airtel, the promoter of Bharti Infratel, had offloaded 190 million equity shares representing a 10.3%, to a consortium of global private equity firms KKR and CPPIB, for a total consideration of over Rs 6,193.90 crore, executed at a price of Rs 325 per share,” Bharti Airtel said in a press release.
In the investor presentation, Bharti Infratel said that it stands to benefit from a pick-up in data growth across the industry. Diversification of customer base allows Bharti Infratel to benefit from data growth in the Indian telecom sector, no matter which operator achieves dominance. The company will capitalise on opportunities arising out of government initiatives of Digital India, smart cities, etc.
At 10:02 am; Bharti Infratel was up 6% to Rs 337 as compared to 0.22% rise in the S&P BSE Sensex. A huge block deal of 209 million or 1.1% of total equity of the company changed hands on the BSE in early morning trade.
The stock of Bharti Airtel was up 1% at Rs 344 after hitting intra-day high of Rs 345 on BSE so far. A combined five million shares changed hands on the counter on BSE and NSE.