The shares of one of the world’s leading telecommunication services providers gained up to 1.2 percent after the company’s subsidiary announced the acquisition of 49,45,239 equity shares worth Rs 699 crore.
With a market capitalization of Rs 5.73 lakh crores. The shares of Bharti Airtel Ltd were trading at Rs 1,023.05 per share, increasing around 1 percent compared to the previous closing price of Rs 1,013.05 apiece.
According to the company filing, Bharti Airtel Services Limited, a wholly-owned subsidiary company of Bharti Airtel Limited has entered into an agreement for the acquisition of 49,45,239 equity shares representing a 97.1 percent stake in Beetel Teletech Limited. The worth of this acquisition is Rs 699 crore.
Furthermore, The company has a 49% stake in Beetel Teletech in a Joint Venture that has two manufacturing facilities that produce telecom and networking products. The purpose of this acquisition is to add distribution and service capabilities largely for the company’s enterprise business.
Looking into the company’s financial, Bharti Airtel Ltd’s revenue increased by 7 percent from Rs 34,527 Crore in Q2FY23 to Rs 37,044 Crore in Q2FY24. During the same period, net profits decreased by 29 percent from Rs 2,979 crore to Rs 2,093 crore.
Bharti Airtel Ltd has a presence in 17 countries and more than 500 million users, covering 95.9% of the Indian population. In terms of consolidated mobile connections, Bharti Airtel ranked third globally.
Airtel launched its 5G network in October 2022 and surpassed the 1 million customers mark in less than 30 days of the commercial launch. Since then, the company has rapidly expanded its coverage to thousands of towns/ cities and continues to add 30 to 40 cities/ towns daily to its 5G network, demonstrating an aggressive approach to geographic expansion.
Bharti Airtel Ltd is a global telecommunications services provider offering a diverse service portfolio that includes mobile, voice, and data solutions delivered via 2G, 3G, and 4G technologies.
Written by:- Abhishek Singh
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