Airtel secures nearly 100% investor support to raise Airtel Africa stake to about 79%
Bharti Airtel has received nearly 100% shareholder approval for its proposed transaction to consolidate its holding in Airtel Africa Plc, paving the way for the telecom operator to increase its ownership in one of its most important overseas businesses.
Almost 100% of shareholders voted in favour of the transaction, which will see Bharti Airtel issue equity shares to Indian Continent Investment Ltd. (ICIL), a promoter group entity, on a preferential basis in exchange for ICIL’s 16.31% stake in Airtel Africa, the company said in an exchange filing.
According to the company, the strong backing from shareholders, including public and institutional investors, reflects confidence in the strategic merits of the transaction and its potential to create long-term value.
