Bharti Group backed Eutelsat Communications lists on London Stock Exchange

London Stock Exchange

Bharti Group-backed Eutelsat Communications got listed on the London Stock Exchange, the company said on Friday.

This will be the second stock exchange after the Euronext Paris Stock Exchange, where it is already listed. "Eutelsat Communications is pleased to announce that its entire issued share capital has today been admitted to the Standard Segment of the Official List of the Financial Conduct Authority and to trading on the Main Market for listed securities of the London Stock Exchange (LSE) under the ticker symbol: ETL," the company said in a statement.

The development follows after Eutelsat Communications completed the merger with OneWeb, creating the world’s first geostationary-low earth orbit (GEO-LEO) satellite space connectivity company."Eutelsat is among a limited number of listed equities offering exposure to the fast-growing Space Sector. Our admission to the London Stock Exchange will offer the opportunity to a wider section of investors and shareholders to participate in our exciting journey," Eutelsat Chief Executive Officer Eva Berneke said.

Headquartered in Paris, the merged entity will have Bharti Enterprises as its largest shareholder, with a 21.2 per cent stake. Sunil Bharti Mittal is the vice president (co-chair), and Shravin Bharti Mittal, who spearheaded the OneWeb investment, taking it out of Chapter 11, will be Bharti’s lead as a director on the Board of Eutelsat. Akhil Gupta will continue to serve as a Director on the Board of OneWeb, now a 100 per cent subsidiary of Eutelsat. Post-merger, Eutelsat Group will operate a fleet of 37 Geostationary satellites and a low Earth orbit (LEO) constellation of more than 600 satellites.