Bharti Airtel surges on entering into spectrum trading agreement with Jio

Bharti Airtel is currently trading at Rs. 544.20, up by 12.10 points or 2.27% from its previous closing of Rs. 532.10 on the BSE.

The scrip opened at Rs. 538.95 and has touched a high and low of Rs. 544.50 and Rs. 535.15 respectively. So far 273955 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 623.00 on 04-Feb-2021 and a 52 week low of Rs. 394.05 on 19-Oct-2020.

Last one week high and low of the scrip stood at Rs. 544.50 and Rs. 514.25 respectively. The current market cap of the company is Rs. 296706.77 crore.

The promoters holding in the company stood at 56.23%, while Institutions and Non-Institutions held 39.53% and 4.24% respectively.

Bharti Airtel has entered into an agreement with Reliance Jio lnfocomm (Jio) to transfer the 'Right to Use' of Airtel's 800 MHz spectrum in Andhra Pradesh (3.75 MHz), Delhi (1.25 MHz) and Mumbai (2.50 MHz) to Jio. The agreement is subject to statutory approvals.

Through this agreement, Airtel will receive a consideration of Rs 1037.6 crore from Jio for the proposed transfer. In addition, Jio will assume future liabilities of Rs 459 crore relating to the spectrum.

Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.