Bharti Airtel shares up over 1% at close

PTI | | Updated on: Mar 12, 2018

Shares of telecom operator Bharti Airtel closed with gains of over 1 per cent on Tuesday as the company sold its 4,800 mobile towers in Nigeria to US-based American Towers Company for about $ 1.05 billion.

The stock moved up by 1.13 per cent to settle at Rs 403.15 on the BSE. During the day, it gained 2.39 per cent to Rs 408.20. At the NSE, it ended 0.89 per cent up at Rs 403.

Bharti Airtel sold its 4,800 mobile towers in Nigeria to American Towers Company for about $1.05 billion in a move to pare debt.

In a joint statement issued yesterday, Airtel and ATC had announced that they have entered into an agreement “for the sale of over 4,800 of Airtel’s communications towers in Nigeria.” Airtel will be the anchor tenant on the portfolio under a lease with a ten-year initial term, it had said.

The agreement has been signed between Bharti Airtel subsidiary, Bharti Airtel International (Netherlands) BV (Airtel) and ATC.

Published on November 25, 2014
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