Bharti Infratel gains post Q4 results, board approves share buyback

The stock was up 3% at Rs 376 on the BSE in early morning trade.

Bharti Infratel is trading higher by 3% at Rs 376 on the BSE in early morning trade after the company said its board has approved buy back of equity shares worth Rs 2,000 crore and proposed a dividend of Rs 3 per equity share.

The buy-back shall be up to an aggregate amount not exceeding Rs 2,000 crore, at a maximum price of Rs 450 per equity share from the shareholders of the company on a proportionate basis through a tender offer, Bharti Infratel said in a statement.

The maximum buyback price of Rs 450 per share is 24% premium against Tuesday’s close of Rs 364 on the BSE.

Read more from our special coverage on "BHARTI INFRATEL"

• Bharti Infratel net profit up 19% in March quarter; board approves share buyback
• Bharti Infratel trades firm on share buyback, dividend plan
• Bharti Infratel extends fall; shares dip nearly 4%

 

Telecom tower firm had reported 19% year on year (YoY) jump in net profit at Rs 662 crore for the quarter ended March 31, 2016 (Q4), on the back of growth in network rollout by operators. Revenue of the company increased 7% to Rs 3,162 crore on YoY basis.

Earnings before interest, taxes, depreciation and amortization (EBITDA) margins improved 200 basis points from 43.6% to 45.7% during the quarter.

The stock hit a high of Rs 377 so far and has seen a combined 1.13 million shares changed hands on the counter on the BSE and NSE till 09:25 am.