Buzzing stock: Bharti Airtel completes acquisition with Tikona

Bharti Airtel, a leading telecommunications company, on Monday informed the bourses that it has completed acquisition of Tikona Digital Networks’ shares. The deal was announced just after Vodafone and Idea planned to merge their business and create a company which will completely replace Bharti Airtel.

“As the first step towards the merger, the projected acquisition of shares has now been finished. With the said acquisition of shares, Tikona Digital Networks Limited has become an entirely owned subsidiary of Bharti Airtel,” the telecom major said in a filing to the Bombay Stock Exchange. The transaction for the trading of the spectrum in Rajasthan circle is still pending for approval from the Department of Telecommunication, it said in the filing.

As on March 23, 2017, the company has acquired Tikona Digital’s 4G airwaves for Rs 1,600 crore, aiming at providing great 4G data services to its customers. In today’s trade the stock of Bharti Airtel opened at Rs.434.95 per share and touched a high and low of Rs 434.95 and Rs 428.85 and as on 1139 hours the stock was quoting at Rs 429.45 per share.