Bharti Airtel shares soar nearly 11%, m-cap zooms Rs 12,332 cr

Shares of Bharti Airtel surged nearly 11 per cent Wednesday, adding Rs 12,332 crore to its market valuation, after global investors, including Warburg Pincus, Temasek and Singtel, agreed to invest USD 1.25 billion in its unit Airtel Africa. The scrip zoomed 10.79 per cent to end at Rs 316.75 on the BSE. Intra-day, it soared 14.98 per cent to Rs 328.75.

The stock was the biggest gainer among the BSE barometer's 30-blue chips during the day. On the NSE, shares of the company jumped 8.97 per cent to close at Rs 311.55. Led by the sharp gains in the stock, the company's market valuation rose sharply by Rs 12,332.65 crore to Rs 1,26,617.65 crore on the BSE.

In terms of the equity volume, 5.19 lakh shares of the company were traded on the BSE and over one crore shares changed hands on the NSE during the day. Six global investors, including Warburg Pincus, Temasek, Singtel and SoftBank Group International, have agreed to invest USD 1.25 billion through a primary equity issuance in Airtel Africa, the company said Wednesday.

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The investment will be used to reduce Airtel Africa's existing debt of approximately USD 5 billion and for growth of its African operations, the Bharti Airtel unit listed in UK said. "This primary equity issuance clearly underlines the confidence of leading global investors in Airtel Africa's successful business strategy and its potential to sustain growth and profitability," Raghunath Mandava, MD and CEO, Africa, Bharti Airtel, said.