Mumbai: Shares of Bharti Airtel on Thursday jumped nearly four percent in morning trade on the Bombay Stock Exchange amid reports that its planned merger deal with South Africa`s MTN is moving forward.
Shares of Bharti Airtel advanced 3.55 percent to a high
of Rs 424.40 on the BSE.
Media reports suggest that both the companies have
reached a preliminary agreement on their planned strategic
alliance, ahead of the September 30 deadline for their
exclusive merger talks.
On the National Stock Exchange the scrip gained 3.58 percent to a high of Rs 424. Over 19.63 lakh shares changed hands on both the exchanges.
Besides, shares of MTN closed at 127 rand, up 1.92 percent on the Johannesburg Stock Exchange yesterday.
Meanwhile, Bharti in a statement has said its talks for a
proposed deal with the South African entity MTN are
progressing but have not reached any initial agreement.
Bharti and MTN are in exclusive talks for a potential USD
23-billion deal that would create a combined entity having
more than 200 million subscribers.
As per the proposed transaction, Bharti would snap up 49
percent in MTN while the South African company would have a
36 percent "economic interest" in the domestic firm.