New Delhi, Oct 13 (PTI) Shares of Bharti Airtel today

surged up to 8 per cent as the company announced acquisition

of Tata group’s loss-making mobile telephony business, almost

for free, boosting its spectrum holding and user base.

The stock after a positive opening jumped 7.98 per cent

to Rs 432 on the BSE.

On the NSE, it soared 8 per cent to Rs 432.60.

The stock was the biggest gainer among blue-chips on both

the key indices during the morning trade.

Shares of Tata Teleservices Maharashtra Ltd (TTML) zoomed

9.95 per cent to Rs 4.86 — its highest trading permissible

limit for the day — on the BSE.

At the NSE, it jumped 9 per cent to Rs 4.80.

Bharti Airtel is set to take over Tata group’s money-

losing mobile business from November 1, saving the Tatas from

the prospect of having to shut down the struggling unit.

Airtel, for whom it will be the seventh acquisition in

five years, will acquire 4 crore customers of Tata

Teleservices Ltd (TTSL) and Tata Teleservices Maharashtra

Ltd (TTML) in 19 telecom circles or zones on “a debt-free,

cash-free basis”, the two groups announced in separate but

identical press statements yesterday.

While all of the Rs 31,000 crore debt will remain with

the Tatas, Airtel will assume payment of close to 20 per cent

of the Rs 9,000-10,000 crore deferred payments for the

spectrum to the government. The Tatas will pay the rest. PTI

This is published unedited from the PTI feed.