Bharti Telecom raises stake in Airtel to 50.10%

The shares represent 4.62 percent of the paid-up share capital of the company

By Priyanka
|

Bharti Telecom has finally increased their stake in the market leader by 4.62 percent, crossing the 50 percent mark.

Bharti Telecom raises stake in Airtel to 50.10%

 

"The company has received a communication dated 3 November 2017 from Bharti Telecom, the promoter of the company that it has acquired 184,710,183 equity shares of the company from Indian Continent Investment," Bharti Airtel said in a BSE filing.

The shares represent 4.62 percent of the paid-up share capital of the company, it added.

"Consequent to the aforesaid acquisition, the shareholding of Bharti Telecom in the company has increased from 45.48 percent to 50.10 percent," it further added.

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.

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.

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