Bharti Airtel shareholders have approved a transaction that will raise the telecom operator’s stake in subsidiary Airtel Africa to nearly 79 per cent. The deal involves Airtel issuing equity shares to Indian Continent Investment Limited (ICIL), a promoter group entity, on a preferential basis, in exchange for ICIL’s 16.31 per cent stake in Airtel Africa.
The transaction is structured as a cashless share swap, which the company said presents an opportunity to acquire a large block and increase its economic interest in a high-growth asset without incurring additional debt or cash outflow. The move will also simplify the group’s shareholding structure and enhance transparency, according to the exchange filing.
