Airtel raises stake in Qualcomm, shares rise

MUMBAI: Shares of Bharti Airtel today rose by over 2% after the company acquired an additional 2% stake in all four Indian broadband wireless access entities of Qualcomm, thereby making them its subsidiaries.

The telecom major's scrip ended at Rs 301.25, up 2.38% from its previous close on the BSE. Intra-day, the stock gained 3.1% to Rs 303.40.

On the NSE, the scrip settled 2.19% higher at Rs 301.

In terms of volume, 1.92 lakh shares of the company changed hands on the BSE, while over 30 lakh shares were traded on the NSE.

"Bharti Airtel has subscribed to an additional 2% equity share capital in all the four India BWA entities of Qualcomm. With this, all four entities are now subsidiaries of Bharti Airtel," the company said in a statement.

On May 24, 2012, Bharti Airtel and Qualcomm had announced an agreement under which Bharti had acquired 49% interest in Qualcomm's India entities with licences to offer 4G data services in four circles of Delhi, Mumbai, Haryana and Kerala.

In the broader market, the BSE benchmark Sensex ended the day at 19,410.84, up 233.08 points.

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