Bharti Infratel extends rally on talk of tower deal; stock hits 52-wk high

The stock hit a 52-week high of Rs 434, up 6%, extending its Wednesday's 3% gain on the NSE.

Bharti Infratel hit a 52-week high of Rs 434, up 6%, extending its Wednesday’s 3% gain on the National Stock Exchange (NSE), after media report suggests that private equity firm KKR-led consortium in talks to buy Indus Towers and Bharti Infratel.

The trading volumes on the counter more than doubled with a combined 4.1 million shares exchanging hands on the NSE and BSE till 11:13 AM.

Bharti Infratel in the ordinary course of business evaluates various opportunities from time to time, the company said on clarification on new report.

However, the company, as a matter of policy, does not comment on speculative reports and therefore in case of the present news item, does not wish to comment on it, it added.

Indus Towers is a three-way joint venture wherein Bharti Airtel has 42%, Vodafone, too, has 42% and Idea Cellular has 11.15%, and the rest is with Providence Equity Partners.

As per people aware of the development, Bharti Infratel will plan to acquire all the stake of the remaining partners after which the KKR-led consortium will gradually increase its stake in Indus to become a majority stakeholder, the Business Standard report suggests. CLICK HERE TO READ FULL REPORT.