Bharti Airtel gains on promoter stake hike

Between March 25 and March 27, Bharti Telecom has purchased 5.7 million shares in Bharti Airtel from open market purchases for Rs 172 crore.

Bharti Airtel is trading higher by 2% at Rs 324, extending its 8% rally in past week, after the company said Bharti Telecom, a promoter group company, has bought an over 5 million shares in the company from open market transactions.

Between March 25 and March 27, Bharti Telecom has purchased 5.71 million shares representing 0.15% stake in the company for Rs 172 crore from open market purchase from both the NSE and BSE, Bharti Airtel said in a statement.

Following the buy, Bharti Telecom has increased its stake in the GSM operator marginally to 43.72% from 43.57% held as on December 31, 2013.

The stock opened at Rs 320 and touched a high of Rs 325 on the NSE. A combined 972,000 shares have changing hands on the counter so far on the NSE and BSE.