Bharti Airtel shares in focus on acquisition of 400 MHz spectrum from Adani Data Networks
Synopsis Bharti Airtel, through Bharti Hexacom, will acquire 400 MHz spectrum in the 26 GHz band from Adani Data Networks across Gujarat, Mumbai, Andhra Pradesh, Rajasthan, Karnataka, and Tamil Nadu. Adani Data Networks secured this spectrum for approximately Rs 212 crore in 2022. Bharti Airtel's stock closed 1. The shares of telecom major Bharti Airtel may remain in focus on Wednesday, April 23, after the company, through its subsidiary Bharti Hexacom announced that it will be acquiring a 400 MHz spectrum in 26 GHz band from Adani Data Networks.
ADVERTISEMENT 'Bharti Airtel Limited and its Subsidiary, Bharti Hexacom Limited ('Airtel' or 'Company') have entered into definitive agreements with Adani Data Networks Limited (ADNL), a subsidiary of Adani Enterprises to acquire rights to use of 400 MHz of spectrum in the 26 GHz band in Gujarat (100 MHz), Mumbai (100 MHz), Andhra Pradesh (50 MHz), Rajasthan (50 MHz), Karnataka (50 MHz) and Tamil Nadu (50 MHz).,' the company said in an exchange filing.
Adani Data Networks Ltd (ADNL) had secured 400 MHz of spectrum in the 26 GHz band for approximately Rs 212 crore during the spectrum auction conducted in 2022.
Airtel is actively working to expand its 5G network and user base, which reached approximately 120 million by the end of December, out of a total subscriber base of 414 million.
Also read: Ather Energy sets IPO price band at Rs 304-321; issue opens on April 28
Over the past one year, the stock has delivered a robust return of 42.63%. On a year-to-date (YTD) basis, it has gained 16.04%, while the six-month and three-month gains stand at 9.47% and 13.51%, respectively. In the last one month alone, the stock has risen 7.28%, reflecting sustained investor interest and positive momentum.
ADVERTISEMENT On Tuesday, the shares of Bharti Airtel closed 1.7% lower at Rs 1,852 on the BSE.
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