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Bharti Airtel moves to raise Airtel Africa stake through share swap

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Bharti Airtel moves to raise Airtel Africa stake through share swap

Bharti Airtel’s board has approved a share swap deal aimed at increasing its stake in Airtel Africa, as the Indian operator looks to strengthen its position in what it described as a “strategic subsidiary”.

The board cleared the issuance of 146.8 million shares to Indian Continent Investment Limited (ICIL), an investment vehicle of Bharti Global. In return, ICIL will transfer part of its stake in Airtel Africa, which is listed on the London Stock Exchange.

The shares will be issued at INR1,923 ($20) each, a price Bharti Airtel said is above the regulatory floor price.

In a stock exchange filing, the operator said the transaction aligns with its objective of consolidating and strengthening its shareholding in Airtel Africa.

Bharti Airtel currently owns a 62.73% stake in Airtel Africa.

The move comes shortly after Airtel Africa delayed plans for an IPO of its mobile money business, citing ongoing market volatility.

Airtel Africa also announced strong growth in its latest results. 



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