Bharti Airtel lost 1.81% to Rs 365.55 at 12:27 IST on BSE after the company said it will undertake buyback of shares after the approval from Delhi High Court for the scheme of amalgamation of its wholly owned subsidiary with the company.
The announcement was made before market hours today, 29 April 2016.Meanwhile, the S&P BSE Sensex was down 20.47 points or 0.08% at 25,582.63.
On BSE, so far 89,000 shares were traded in the counter as against average daily volume of 3.37 lakh shares in the past one quarter. The stock hit a high of Rs 373 and a low of Rs 364.55 so far during the day. The stock had hit a 52-week low of Rs 282.30 on 29 January 2016. The stock had hit a 52-week high of Rs 452.45 on 21 July 2015. The stock had outperformed the market over the past one month till 28 April 2016, gaining 6.33% compared with Sensex's 2.55% rise. The scrip had also outperformed the market in past one quarter, surging 27.81% as against Sensex's 4.63% rise.
The large-cap company has equity capital of Rs 1998.70 crore. Face value per share is Rs 5.
Bharti Airtel said that the scheme of amalgamation of Augere Wireless Broadband India (Augere), a wholly owned subsidiary with the company is under consideration for approval by the High Court of Delhi.
Bharti Airtel's board of directors at its meeting held on 27 April 2016, approved the proposal to buyback the shares on a proportionate basis through a tender offer. The buyback shall be up to an aggregate amount not exceeding Rs 1434 crore at a price of Rs 400 per share translating into approximately 3.58 crore shares, representing 0.9% of the total paid up equity share capital of the company.
Meanwhile, according to reports, a foreign brokerage has maintained its underperform rating on Bharti Airtel stock citing expensive valuations considering the near-term risks.
Bharti Airtel's consolidated net profit rose 2.8% to Rs 1290.30 crore on 8.4% growth in net sales to Rs 24959.60 crore in Q4 March 2016 over Q4 March 2015.
Bharti Airtel is one of the leading global telecommunications service providers with operations in 20 countries across Asia and Africa.
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