Bharti Airtel, a leading private sector telecom company, Wednesday announced that the company has signed a definitive agreement to acquire 100% equity stake in Augere Wireless Broadband India.

Augere Wireless Broadband India, holds 20 MHz of Broadband Wireless Access (BWA) spectrum in the telecom cirle of Madhya Pradesh and Chhattisgarh.

Upon acquisition, Augere will become a wholly owned subsidiary of Airtel.

Recently, Bharti Airtel reported a 40.22 % rise in consolidated profit for first quarter to Rs 15.54 billion as compared to net profit Rs 11.08 billion in the same period last year.

Shares of the company gained Rs 6.8, or 2%, to trade at Rs 346.55. The total volume of shares traded was 59,637 at the BSE (10.37 a.m., Thursday).