Domestic telecom company Bharti Airtel has transferred its entire 69.94 percent stake in Airtel Payments Bank to Airtel Limited, a total -owned subsidiary company. The company has informed this in a regulatory filing. According to PTI news, Bharti Airtel said in the filing that 69.94 percent stake of Bharti Airtel Limited in Airtel Payments Bank Limited is being transferred to the company’s full -fledged subsidiary (i.e. Airtel Limited) after receiving the required regulator and corporate approval.
There will be no effect on the bank’s ownership
According to the news, there is an internal restructuring of shareholding in the above bank and it will not have any effect on the ownership of the bank. According to the filing, the company has got the required regulators and corporate approval in relation to the transaction. Business of Airtel Payments in 2023-24 1,835. It was 8 crores. The filing states that the transfer of shareholding comes under the purview of the concerned party transaction.
Bharti Airtel shares today
After opening the stock market on Wednesday, Bharti Airtel’s stock on BSE gained 3.37 percent to the highest level of Rs 1,717.25. Soon, it lost all the lead and traded 1.28 percent to Rs 1,640. Finally closed at Rs 1642.60 with a decline of 1.12 percent. It fell 0.77 percent to Rs 1,650.10 on the National Stock Exchange (NSE). During the session, it rose 3.23 percent to Rs 1,716.
Partnership with SpaceX
Bharti Airtel has partnered with US billionaire Elon Musk’s satellite SpaceX to provide high -speed internet services to its customers in India. Airtel has said that the agreement is subject to approval to sell SpaceX to sell Starlink’s satellite communication-based services in India. The agreement will enable Airtel and SpaceX to find out how Starlinks can extend Airtel’s offer to extend with complementary.
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