Bharti Airtel Limited to acquire further stake in Lavelle Networks Pvt Ltd

Bharti Airtel Limited has entered into an agreement resulting in acquisition of aggregate 45.6% stake in Lavelle Networks Private Limited, in which the Company currently holds 25% stake.

Airtel, through its Startup Accelerator Program, aims to support growth of early stage Indian tech startups and partner with them in building significant scale to achieve its vision.

The agreement has been entered for acquisition of additional 20.6% stake on the basis of price determined by the valuation report. The said valuation has not been disclosed due to the reasons of confidentiality.

Lavelle Networks, founded in 2015, is a networking software startup that delivers next generation cloud powered technology to optimize, secure and manage enterprise branch networks. Its flagship scaleAon- SD-WAN platform has connected several thousands of Indian enterprises from the nation's largest financial institutions to e-commerce networks. The Company launched its product line in 2016-17 and accelerated to a significant market share within the last three years in the early adopters of SD-WAN technology in India.

Shares of Bharti Airtel Limited was last trading in BSE at Rs. 891.90 as compared to the previous close of Rs. 885.85. The total number of shares traded during the day was 115650 in over 3940 trades.

The stock hit an intraday high of Rs. 893.00 and intraday low of 886.45. The net turnover during the day was Rs. 102915188.00.

Source : Equity Bulls

Keywords

BhartiAirtel INE397D01024 TelecomServices StakeAcquisition LavelleNetworks StartupAcceleratorProgram