Bharti Sells Telecom Towers in Nigeria for $1 B

Mukesh Buch
25 Nov, 2014
New York City

Ashok Leyland divested 32% stake in its subsidiary Hinduja Tech. Amtek Auto plans to acquire three foreign companies. Bharti Airtel agreed to sell 4,800 telecom towers in Nigeria for $1 billion. Rcom plans to raise $255 million to refinance overseas loans.

[R]6:00 PM Mumbai – Ashok Leyland divested 32% stake in its subsidiary Hinduja Tech. Amtek Auto plans to acquire three foreign companies. Bharti Airtel agreed to sell 4,800 telecom towers in Nigeria for $1 billion. Rcom plans to raise $255 million to refinance overseas loans.[/R]

The Sensex Index slipped 161.49 or 0.6% to close at 28,338.05. The CNX Nifty fell 67.05 or 0.8% to 8,463.10.

Gainers & Losers

Ashok Leyland Limited dropped 4.9% to Rs 49.20 and the commercial vehicle maker sold its 32% stake in the subsidiary Hinduja Tech.

Ahmednagar Forgings Limited plunged 8.9% to Rs 412.55 after the integrated component maker said net in the second-quarter climbed 23.1% to Rs 44.34 crore.

Net sales soared 32.2% to Rs 612.12 crore.

Amtek Auto Limited tumbled 5.7% to Rs 196 and the auto component maker said it plans to acquire three foreign companies.

Bharti Airtel Limited advanced 1.1% to Rs 403.15 and the largest wireless service provider agreed to sell 4,800 telecom towers in Nigeria to American Tower Corp for about $1 billion.

CEAT Limited dropped 1.2% to Rs 909.45 and the tire maker plans to raise Rs 500 crore through various securities.

The company also issued shares to institutional investors at the price of Rs 930.53 a share.

Reliance Communications Limited declined 4.5% to Rs 102.35 after the largest mobile operator plans to raise $255 million to refinance of overseas loans.

Ricoh India Limited jumped 2.1% to Rs 321.50 after the copier and other electronic products distributor won an order worth Rs 1,370 crore from Department of Posts, Government of India