 "Bharti Airtel gains on sale of tower portfolio in Nigeria")
Bharti Airtel has opened higher by about 2% at Rs 406 on National Stock Exchange (NSE) after the company on Monday after market hours said it had signed an agreement with American Tower Company (ATC) to sell about 4,800 of its telecom towers in Nigeria, as part of a debt-reduction exercise.
“The agreement will allow Airtel to focus on its core business and customers, enable it to deleverage through debt reduction and will significantly reduce its on?going capital expenditures on passive infrastructure in Nigeria”, Bharti Airtel said in a statement.
At 0917 hours, the stock was trading 1% higher at Rs 405 after hitting high of Rs 408 on NSE. A combined 200,000 shares changed hands on the counter so far on NSE and BSE.
“The agreement will allow Airtel to focus on its core business and customers, enable it to deleverage through debt reduction and will significantly reduce its on?going capital expenditures on passive infrastructure in Nigeria”, Bharti Airtel said in a statement.
At 0917 hours, the stock was trading 1% higher at Rs 405 after hitting high of Rs 408 on NSE. A combined 200,000 shares changed hands on the counter so far on NSE and BSE.
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