Bharti Airtel is trending pretty high on the social media and the stock price rose over 2.5% to Rs.316.15. Its 52-week high and low is at Rs.547.20 and Rs.277 respectively.
The Board of the company yesterday, in order to explore a potential monetization of stake in Bharti Infratel has, subject to the approval of shareholders, approved sale / transfer of upto 59.19 crore equity shares (32%) of Infratel owned by the Company, to its wholly-owned subsidiary, Nettle Infrastructure in tranches.
The transfer to Nettle shall be in accordance with all the applicable statutes, rules and regulations.
After completion of the above transfer, which is subject to the approval of shareholders, the shareholding structure of Infratel will show Bharti Airtel holding 18.33%; Nettle holding 35.18% and floating stocks will be 46.49%.