Airtel took a big decision regarding Sri Lanka business, action was seen in the company’s shares. After the news of the merger, Airtel shares are seeing action in Thursday’s trading session. In the trading till 1 pm, the stock was trading at the level of Rs 1278 with a gain of 5 percent.Telecom company Bharti Airtel will merge its Sri Lanka operations with Dialog Axiata through a share swap deal. This information was given in a joint statement. The turnover of Airtel Sri Lanka in the financial year 2022-23 was Rs 294 crore. This was 0.21 percent of Bharti Airtel’s total business.
Dialog Axiata Plc, Axiata Group Berhad (Axiata) and Bharti Airtel Limited have signed a definitive agreement to combine their operations in Sri Lanka, a statement issued by the company said. It said, under the agreement, Sri Lanka-based telecom company Dialog AirtelWill acquire 100 percent of the issued shares in Sri Lanka. In return, Dialog will issue ordinary voting shares to Bharti Airtel, amounting to 10.355 per cent of the total issued shares of Dialog through share swap.
Dialog Axiata Plc, Axiata Group Berhad (Axiata) and Bharti Airtel Limited have signed a definitive agreement to combine their operations in Sri Lanka, a statement issued by the company said. It said, under the agreement, Sri LankanTelecom company Dialog will acquire 100 percent of the shares issued in Airtel Sri Lanka. In return, Dialog will issue ordinary voting shares to Bharti Airtel, amounting to 10.355 per cent of the total issued shares of Dialog through share swap.
Airtel Sri Lanka began commercial operations in Sri Lanka in 2009. The dialogue was started in Sri Lanka on 17 August 1993. Axiata Group Berhad Managing Director Vivek Sood said the merger between Dialog and Airtel Sri Lanka is in line with Axiata’s market consolidation and flexibility strategy. Dialog Axiata has more than 1.7 crore customers and Airtel Sri Lanka has more than 50 lakh customers.After the news of the merger, Airtel shares are seeing action in Thursday’s trading session. In the trading till 1 pm, the stock was trading at the level of Rs 1278 with a gain of 5 percent. The share hit an intraday high of Rs 1281.