Bharti Infratel slumps as it becomes 'ex'
Yesterday, Bharti Infratel, the mobile tower unit of the Bharti group announced its buy back price. It stated that it will be buying back 2.48% or 4.70 crore equity shares from the market at a price of Rs.425/share. Currently, public float is at 28.22%. This is at a huge premium – on 14thJune, it closed at Rs.381 and the same evening the buy back price was announced, at a premium of 11.5%.
Yet the stock price has slumped today mainly because it has turned ex-date from today for the proposed buy back. The record date is 16th June which means investors could have bought Bharti Infratel’s shares only till yesterday to avail the benefit of the buy back.
The stock is down today 2% at Rs.373 levels. Its 52-week high and low stands at Rs.500 and Rs.341.50 respectively.