Bharti Airtel on Monday said it has received approval from around 100 per cent of its shareholders to raise its stake in Airtel Africa by 16.31 per cent through a share-swap agreement worth Rs 28,220 crore.
Following the transaction,<a href="#" target="_blank" rel="nofollow noopener"> Bharti Airtel''s stake </a>in Airtel Africa will rise to around 79 per cent from the current 62.73 per cent.
"..nearly 100 per cent of its (Bharti Airtel) shareholders have approved the ongoing transaction to consolidate its stake in key strategic subsidiary Airtel Africa plc," the company said in a statement.
The transaction involves Bharti Airtel issuing equity shares to Indian Continent Investment Limited, a promoter group entity, on a preferential basis, in exchange for its 16.31 per cent stake in Airtel Africa.&nbsp;
The transaction, being a cashless share-swap, presents an opportunity to the Company to acquire a large block and increase its economic interest in a high-growth asset without any incremental leverage or cash outflow, the statement said.&nbsp;
"<a href="https://www.mid-day.com/technology/article/bharti-airtel-introduces-india-first-priority-postpaid-with-5g-network-slicing-technology-23631225" target="_blank" rel="nofollow noopener">Airtel Africa is central to our growth strategy</a> and is well positioned to deliver robust performance with an increasing contribution to our consolidated revenues.
Structured as a share-swap, India''s largest ever transaction preserves capital strength for Airtel''s core operations and future growth ambitions," Bharti Enterprises Founder and Chairman Sunil Bharti Mittal said.
He said overwhelming support of shareholders reinforces the confidence that the investors have in the organisation.
"As we look ahead, we see significant potential in Africa for long-term shareholder value creation," Mittal added.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.

Bharti Airtel gets shareholder approval to increase its stake in Airtel Africa by 16.31 per cent through a Rs 28,220 crore share-swap deal

Bharti Airtel gets shareholders' nod to raise Airtel Africa stake by 16.31 per cent worth Rs 28,000 cr

Shigella cases rise in Kerala; seven-year-old child dies of infection

Bharti Airtel has received shareholder approval to increase its stake in Airtel Africa from 62.73 per cent to around 79 per cent through a Rs 28,220 crore share-swap deal, strengthening its presence in the high-growth African market

Bharti Airtel gets shareholders'' nod to raise stake in Airtel Africa by 16.31 per cent worth Rs 28,000 cr

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Ganeshotsav 2026

Home / News / India News / Article / Bharti Airtel gets shareholders'' nod to raise stake in Airtel Africa by 16.31 per cent worth Rs 28,000 cr