Bharti Airtel gains after completing sales of 8,300 mobile towers in Africa

Bharti Airtel rose 2.88% to Rs 372.10 at 15:25 IST on BSE after the company said that as on date it has completed the sale transactions for approximately 8,300 towers in seven countries in Africa representing close to 60% of the total tower base.

The announcement was made at the fag end of trading hours yesterday, 20 October 2015.

Shares of Bharti Airtel had dropped 0.55% to Rs 361.70 yesterday, 20 October 2015.

Meanwhile, the BSE Sensex was down 29.20 points, or 0.11%, to 26,980.94.

On BSE, so far 1.46 lakh shares were traded in the counter, compared with an average volume of 2.42 lakh shares in the past one quarter.

The stock hit a high of Rs 372.50 and a low of Rs 363.70 so far during the day. The stock hit a 52-week high of Rs 452.45 on 21 July 2015. The stock hit a 52-week low of Rs 315.65 on 29 September 2015.

Bharti Airtel said that total value of proceeds from all the concluded transactions in these seven countries is over $1.7 billion and s being utilised for reducing the debt of the company. The agreements of sale of towers have lapsed in four countries while the process is on in the remaining two countries. Tower sales and lease back shall continue to remain a strategic priority for Airtel in all its operating countries across Africa and accordingly the balance towers will also be disposed over a period of time.

Bharti Airtel on 1 July 2015 had announced the divestment of tower assets in thirteen countries in Africa.

On consolidated basis, Bharti Airtel's net profit rose 40.2% to Rs 1554.30 crore on 3.1% increase in net sales to Rs 23670.90 crore in Q1 June 2015 over Q1 June 2014.

Bharti Airtel is one of leading global telecommunications service providers with operations in 20 countries across Asia and Africa.

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