Bharti Airtel gains on divesting tower assets in Africa

The company's overseas arm plans to sell around 950 telecom towers in the Democratic Republic of Congo

Shares of Bharti Airtel were up over 1% at Rs 359 on the Bombay Stock Exchange in an otherwise weak market after the company announced that it has divested tower assets in Africa.

The company's overseas subsidiary Bharti Airtel International (Netherlands) BV has entered into an agreement with Helios Towers Africa for the divestment of approximately 950 telecom towers in the Democratic Republic of Congo (DRC), Bharti Airtel said in a release.

The divestment also includes towers currently under construction in the DRC, the release added.

The stock opened at Rs 356 and touched a high of Rs 364. At 10:20am, over 1.4 million shares were traded on both the stock exchanges.