Shares of Bharti Infratel Ltd. surges 24 per cent in the last three trading sessions following the merger of Bharti Infratel and Indus Towers for creating a mega tower company which was completed successfully.
At 11:20 a.m., the shares of the company have gained 5.11 per cent and in the early trade it went 8 per cent up to Rs 238. The stock was opened at Rs 219.95 and hit a 52-week high of Rs 295.75 in December last year.
On 1 September, the company’s board has approved the long-pending merger with the Indus Towers, first announced in April 2018, for creating the world’s largest mobile tower operator outside China. Bharti Infratel in an exchange filing said that the deal was completed on Thursday. Now, Vodafone Group held 28.12 per cent stake and Airtel Group holds 36.7 per cent in the merged entity.
Bharti Infratel is one of the highest dividend paying stock and currently, it has a dividend yield of 5.6 per cent, cording to a report by ICICI Securities. It has a price to earnings ratio of 14.5, while price-to-book value ratio of 2.19.