Bharti Infratel tumbles as floor price for OFS set at discount

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Bharti Infratel slumped 6.31% to Rs 253.80 at 10:25 IST on BSE, as the floor price for offer for sale of shares by promoter Bharti Airtel was set at a discount to the stock's ruling market price.

Shares of Bharti Airtel rose 0.29% to Rs 368.50.

Meanwhile, the S&P BSE Sensex was up 30.71 points or 0.12% at 25,694.36

On BSE, so far 34,428 shares were traded in the Bharti Infratel counter as against average daily volume of 1.43 lakh shares in the past one quarter.

The stock hit a high of Rs 256.90 and low of Rs 253.95 so far during the day. The stock had hit a record high of Rs 276.85 on 5 August 2014. The stock had hit a 52-week low of Rs 126.05 on 28 August 2013.

The stock had outperformed the market over the past one month till 6 August 2014, rising 3.52% compared with 1.14% fall in the Sensex. The scrip had also underperformed the market in past one quarter, rising 21.78% as against Sensex's 14.03% rise.

The large-cap company has an equity capital of Rs 1890.10 crore. Face value per share is Rs 10.

Bids were received for a total of 15.75 lakh shares at an indicative price of Rs 250.39 per share for the Offer for Sale (OFS) of the company's shares till 10:25 IST, as per data from the stock exchanges. Bharti Airtel, the promoter of Bharti Infratel, is selling 4.5 crore shares of Bharti Infratel through Offer for Sale (OFS) via the stock exchanges mechanism today, 7 August 2014. Bharti Airtel may also sell additional up to 4 crore shares in the sale. The OFS began at 9:15 IST and ends at 15:30 IST today, 7 August 2014. The floor price for the OFS has been set at Rs 250 per share. The floor price represents a 7.71% discount to Bharti Infratel's closing price of Rs 270.90 on Wednesday, 6 August 2014.

Bharti Infratel's after consolidated net profit surged 29.4% to Rs 462.80 crore on 6.6% growth in total income to Rs 2959.90 crore in Q1 June 2014 over Q1 June 2013.

Bharti lntratel is India's leading provider of tower and related infrastructure and it deploys, owns and manages telecom towers and communication structures, for various mobile operators.

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