Bharti Airtel gains on divestment plan of African tower biz

Bharti Airtel said that it would sell about 3,100 telecom towers spread across four countries in Africa to Helios Towers Africa.

Bharti Airtel is trading higher by 1% to Rs 344 in early morning deals on NSE after the company said that it would sell about 3,100 telecom towers spread across four countries in Africa to Helios Towers Africa.

Bharti Airtel International (Netherlands) BV, a subsidiary of Bharti Airtel, and Helios Towers Africa, the leading independent telecoms towers company in Africa, on Wednesday announced an agreement for the divestment of over 3,100 telecom towers from Airtel to Helios Towers Africa, Bharti Airtel said in a statement. The company did not give out the deal size.

Deal will help Airtel deleverage through debt reduction and reduced ongoing capital expenditure, it added.

The stock opened at Rs 344 and touched a high of Rs 346 on National Stock Exchange. A combined around 500,000 shares changed hands on the counter till 0930 hours on NSE and BSE.