Bharti Airtel turns volatile post Loop Mobile acquisition
The stock trading almost flat at Rs 305, hit a high of Rs 312 and low of Rs 299 so far on the Bombay Stock Exchange.
Bharti Airtel is trading almost flat at Rs 305 recovering 2% from intra-day low of Rs 299, after the company and Loop Mobile announced a strategic agreement for their operations in Mumbai service area.
The stock has opened at Rs 307 and touched high of Rs 312 on BSE. A combined 1.88 million shares changed hands on the counter so far on the BSE and NSE.
Under the agreement, Loop Mobile’s 3 million subscribers in Mumbai will join Airtel’s over 4 million subscribers, creating an unmatched mobile network in Mumbai, Bharti Airtel said in a statement.
Besides subscribers, Bharti will take over the towers and other network assets of Loop.
The proposed transaction will bring together Loop Mobile’s 2G/EDGE enabled network supported by 2,500 plus cell sites, and Airtel’s 2G and 3G network supported by over 4000 cell sites across Mumbai. It will also offer subscribers the widest exclusive retail reach with 220 outlets that will enable best-in-class customer service, it added.
The stock has opened at Rs 307 and touched high of Rs 312 on BSE. A combined 1.88 million shares changed hands on the counter so far on the BSE and NSE.
Under the agreement, Loop Mobile’s 3 million subscribers in Mumbai will join Airtel’s over 4 million subscribers, creating an unmatched mobile network in Mumbai, Bharti Airtel said in a statement.
Besides subscribers, Bharti will take over the towers and other network assets of Loop.
The proposed transaction will bring together Loop Mobile’s 2G/EDGE enabled network supported by 2,500 plus cell sites, and Airtel’s 2G and 3G network supported by over 4000 cell sites across Mumbai. It will also offer subscribers the widest exclusive retail reach with 220 outlets that will enable best-in-class customer service, it added.