Google-Airtel deal report: Telecom giant CLARIFIES position; stock creates fresh 52-week high, up 13% in 3 sessions

On the back of positive development around the company, the shares of Bharti Airtel touched a fresh record high of Rs 667.95 per share after surging by almost 8 per cent on the BSE intraday trade on Tuesday. The stock has surpassed its previous high of Rs 644 touched on August 16, 2021.

The stock, in the last three sessions, jumped almost 13 per cent from Rs 587 per share on August 26, 2021. The counter has been surging amid on the positive news around it – first fundraising plan, then chairman Sunil Mittal’s big announcement and future plans, and now clarification.

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India’s second-largest telecom company on Tuesday said in a regulatory filing, “Being a significant player in the telecom and digital industry, the company receives interest from high-quality investors and companies for its various businesses.” 

It added that the company has been evaluating various opportunities of potential investor engagement and will take decisions in a judicious manner.

The company made this clarification with respect to a news article which appeared on the Times of India's online portal on August 28, 2021. "We would like to submit that the Company, as a matter of policy, does not comment on media speculation/ report(s)," the company said.

The telecom service provider in a statement also said, as a responsible corporate that follows the highest standards of corporate governance, the company is fully conscious of its disclosure obligations under SEBI regulations and is committed to acting in consonance with the same.

The company on Sunday announced to raise capital of Rs 21,000 crore via a rights issue, primarily to fund its dues linked to adjusted gross revenue (AGR), which was approved by the board on Monday

According to a media report, American internet giant Alphabet Inc’s Google could well be on its way to making "substantial investments, running into several thousands of crores of rupees", into Bharti Airtel, Jio’s main rival.

The stock on Tuesday closed around 7 per cent higher to Rs 662.65 per share on the BSE, as compared to a 1.12 per cent rise in the S&P BSE Sensex.