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Bharti Telecom, the promoter of Bharti Airtel is planning to acquire 4.62 percent stake in India's largest telecom operator, the former informed National Stock Exchange.
Bharti Telecom said it would acquire 184,710,183 shares in Airtel from Indian Continent Investment Ltd and the deal value would not be more than 25 percent of the stock's 60-day weighted average price of Rs 417.35, the filing said, suggesting the acquisition cost of Rs 7,700 crore and Rs 9,600 crore.
After this transaction, Bharti Telecom stake in the company will rise to 50.1 percent in Airtel. The effective date of acquisition will be November 3.
Meanwhile, Bharti Airtel reported 76.5 percent decline in consolidated net profit to Rs 343 crore for the September quarter.
Airtel's total revenue fell 11.7 percent to Rs 21,777 crore during the second quarter of 2017-18, from Rs 24,651.50 crore in the year-ago period.
Meanwhile, India revenues for Q2'18 at Rs 16,728 crore have declined by 13.0 percent Y-o-Y primarily led by the mobile drop of 16.8 percent Y-o-Y. The mobile market continues to experience value erosion and financial stress led by competitive pressures.
The company's consolidated net debt has increased to Rs 91,480 crore from Rs 87,840 crore in the previous quarter. Capex investments stepped up in the quarter behind both data coverage and capacity. Net debt excluding the deferred payment liabilities to the DOT and finance lease obligations have increased by Rs 2,554
crore sequentially in the quarter.
However, mobile data traffic has grown fourfold to 784 billion MBs in the quarter as compared to 178 billion MBs in the corresponding quarter last year. Mobile broadband customers increased by 33.6 percent to 55.2 million from 41.3 million in the corresponding quarter last year.