Shares of Bharti Airtel ended higher by 1.36 per cent at Rs 366.05 on the BSE. On the NSE, the stock closed up by 1.5 per cent at Rs 366.40.
Earlier, the company shares rose 11 per cent to a one-year high after the telecom operator said it will acquire the business of Telenor India for an undisclosed sum in all seven circles where it holds spectrum.
The stock surged 10.93 per cent to Rs 400.65 — a 52-week high — on the BSE.
On the NSE, shares of the company soared 11 per cent to a one-year peak of Rs 401.
Although both the companies did not disclose the deal size, internal sources from the companies said it ranges between Rs 6,500 crore and Rs 7,000 crore.
The transaction is subject to requisite regulatory approvals, including approvals from the Department of Telecommunications (DoT) and the Competition Commission of India.
As part of the agreement, Airtel will acquire Telenor India’s running operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. These circles represent a high population concentration and therefore offer a high potential for growth, the company said.