Shares of Bharti Infratel have risen nearly 9 percent to an intraday high of Rs 238. The stock has been rising after the company announced the completion of the amalgamation of Bharti Infratel and Indus Towers to create a mega tower company. The deal was closed on Thursday and since 20 November the stock has surged 26.5 percent from Rs 188 per share to Rs 238 on 24 November on the National Stock exchange. Notably, the promoters of the new company, Vodafone Group holds 28.12 percent stake in the merged entity while the holding of Bharti Airtel Group will be about 36.7 percent. "The Board has allotted 757.8 million equity shares of Rs 10 each to the Vodafone group and 87.51 million equity shares of Rs 10 each to PS Asia Holding Investments, Mauritius Providence aggregating to 28.12 percent and 3.25 percent, respectively in the post-issue share capital of the company," Bharti Infratel had said in the filing on 19 November.
The analysts at ICICI Securities said that they see near-term stock supply only from Providence PE, which may monetize its stake as it had earlier opted for part cash-out. It added that while Bharti Airtel and Vodafone Plc had earlier shown interest in selling their stakes; considering their large holdings, the brokerage does not expect them to sell in the open market creating a supply glut. Adani Group Stock Hits One-Year-High After securing Rank in DJSI Indices
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