Bharti Airtel pares gains, closes marginally higher post Tikona's 4G business acquisition

The Bharti Airtel stock rose 2.32 percent in early trade on Friday on its announcement to buy Tikona's 4G business.

The stock opened at 341 level. It touched an intra day high of 348 level.

Around 1.55 lakh Bharti Airtel shares were traded on the BSE.

At 11:02 am, the stock pared some of its early gains and was trading 1.26 percent or 4.25 points higher at Rs 342 level on the BSE.

The stock pared its gains to close a merely 0.59 percent higher on the BSE.

On Thursday, the firm said its had inked an agreement with Tikona Digital Networks to acquire its 4G business. The acquisition also includes Tikona's Broadband Wireless Access (BWA) spectrum and 350 sites, in five telecom circles.

The latest move of the telecom major would further intensify the battle which was triggered by the launch of Mukesh Ambani's Reliance Jio.

According to various media reports, after this deal, Airtel will now have 30 MHz in 2300 MHz band in 13 circles.

However, the acquisition is still subject to regulatory approvals.