Bharti shares rise on news of Zain deal becoming successful
Investors are hoping that Bharti Airtel's Zain takeover plans will be successful and the Indian telecom major will be able to repeat the success story in overseas markets. The company is currently in talks with Zain to buy it for $9 billion.
And as a result of this, the share price of Airtel went up on Monday. It closed 1.43 per cent up at Rs. 316.30. The share price of the Kuwaiti company also went up and closed 1.45 per cent up.
Till now, value of Zain's share has gone up by 30 per cent.
On Sunday, the Indian telecom company had announced that it has fixed up the entire financing requirement and will be doing so in partnership with big international banks. The company would raise $8.3 billion and the rest would be done by its cash reserves.
No detail, however, about the interest payments was given by Airtel.
Experts believe that the deal is going the right way and it is just the time for the investors to put in their money in the Airtel stock.
This comes after the stock became one of the worst performers during 2009 after its failed bid for MTN.