Bharti Airtel clarifies on Google investment buzz; stock hits new high

Bharti Airtel said the company evaluates various opportunities of potential investor engagement and takes decisions in a judicious manner

Shares of Bharti Airtel hit a new high of Rs 652 as they rallied 5 per cent on the BSE in intra-day trade on Tuesday after the company said it has received interest from high quality investors and companies for its various businesses. The stock surpassed its previous high of Rs 644 touched on August 16, 2021.

In the past two days, the market price of Bharti Airtel has surged 9 per cent after the telecom services provider, on Sunday, announced fund raise of Rs 21,000 crore by way of rights issue, primarily to fund its dues linked to adjusted gross revenue (AGR). Further, according to a media report, Google is now in talks to make large investments in Airtel, thus boosting the stock further.

"Being a significant player in the telecom and digital industry, the company receives interests from high quality investors and companies for its various businesses," Bharti Airtel said in a regulatory filing.

It further said the company evaluates various opportunities of potential investor engagement and takes decisions in a judicious manner.

The company made this clarification with respect to a news article which appeared on the Times of India's online portal on August 28, 2021. "We would like to submit that the Company, as a matter of policy, does not comment on media speculation/ report(s)," the company said.

As a responsible corporate that follows the highest standards of corporate governance, the company is fully conscious of its disclosure obligations under SEBI regulations and is committed to act in consonance with the same, it added.

According to the repor, American internet giant Alphabet Inc’s Google could well be on its way to making "substantial investments, running into several thousands of crores of rupees", into Bharti Airtel, Jio’s main rival.