Bharti Airtel rose 1.4% to Rs 404.25 at 9:17 IST on BSE after the company said it has entered into a definitive pact with American Tower Corporation for the sale of over 4,800 of Bharti Airtel's communications towers in Nigeria.
The announcement was made after market hours on Monday, 24 November 2014.
Meanwhile, the S&P BSE Sensex was down 10.76 points or 0.04% at 28,488.78.
On BSE, so far 18,000 shares were traded in the counter as against average daily volume of 2.62 lakh shares in the past two weeks.
The stock hit a high of Rs 408.20 and a low of Rs 404.20 so far during the day.
Bharti Airtel said that it has entered into a definitive agreement with American Tower Corporation (AmericanTower) through Bharti Airtel's subsidiary company, Bharti Airtel International (Netherlands) BV (Airtel), for the sale of over 4,800 of Airtel's communications towers in Nigeria. Airtel will be the anchor tenant on the portfolio under a lease with a ten-year initial term.
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The agreement will allow Airtel to focus on its core business and customers, enable it to deleverage through debt reduction and will significantly reduce its on-going capital expenditures on passive infrastructure in Nigeria, the Indian company said in a statement. American Tower and Airtel expect to close the acquisition during the first half of 2015, subject to customary closing conditions and regulatory approval, Bharti Airtel said.
American Tower is a leading independent owner, operator, and developer of wireless and broadcast communications real estate with a global portfolio of approximately 70,000 communications sites.
On consolidated basis, Bharti Airtel's net profit spurted 170.2% to Rs 1383.20 crore on 7.1% growth in net sales to Rs 22845.20 crore in Q2 September 2014 over Q2 September 2013.
Bharti Airtel is a leading global telecommunications company with operations in 20 countries across Asia and Africa.
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