Bharti Airtel gains as subsidiary to acquire Essar subscribers in Kenya

Bharti Airtel rose 1.16% to Rs 374 at 09:46 IST on BSE after the company's subsidiary signed a definitive agreement with Essar Telecommunications, Kenya, to acquire over 2.7 million subscribers.

The announcement was made before market hours today, 1 September 2014.

Meanwhile, the BSE Sensex was up 177.75 points, or 0.67%, to 26,815.86

On BSE, so far 22,208 shares were traded in the counter, compared with an average volume of 3.46 lakh shares in the past one quarter.

The stock hit a high of Rs 374.50 and a low of Rs 370.40 so far during the day. The stock hit a 52-week high of Rs 386.80 on 1 August 2014. The stock hit a 52-week low of Rs 279.25 on 28 August 2013.

The large-cap telecom company has an equity capital of Rs 1998.70 crore. Face value per share is Rs 5.

Bharti Airtel said that consequent upon approval from the Communication Authority (CA) of Kenya, Airtel Networks Kenya (Airtel Kenya); a wholly owned subsidiary of Bharti Airtel International Netherlands BV has signed a definitive agreement with Essar Telecommunications Kenya, which operates under the brand name 'yuMobile', to acquire its over 2.7 million subscribers. This transaction is subject to approval from Competition Authority of Kenya (CAK) and is likely to be concluded by fourth quarter of 2014, Bharti Airtel said.

Bharti Airtel's consolidated net profit rose 60.9% to Rs 1108.50 crore on 12.4% rise in total income to Rs 23163.30 crore in Q1 June 2014 over Q1 June 2013.

Bharti Airtel is a leading global telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 4 mobile service providers globally in terms of subscribers. In India, the company's product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed DSL broadband, IPTV, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G wireless services and mobile commerce. Bharti Airtel had over 299 million customers across its operations at the end of June 2014.

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