Bharti picks up 5% in Bank of Punjab

Sunil Mittal-promoted Bharti Enterprises, offering telecom services, on Wednesday picked up 4.99 per cent stake in private sector Bank of Punjab for a consideration of Rs 24.52 crore (Rs 245.2 million).

The company picked up over 64.51 lakh shares at a market price of Rs 38 per share, company officials said.

Asked whether it was a part of Bharti's diversification into the financial sector, the officials declined to comment.

Earlier last year, Bharti had formed a joint venture with a UK-based company to export fruits and vegetables.

Bharti is also a strong contender for taking a project for modernisation of Delhi and Mumbai airports in association with Changi airport of Singapore.