Bharti Airtel shareholders approve share swap deal with ICIL to boost Airtel Africa stake
NEW DELHI: Bharti Airtel shareholders have approved the telecom operator raising its stake to nearly 79% in subsidiary, Airtel Africa.
The transaction will involve Airtel issuing equity shares to Indian Continent Investment Limited (ICIL), a promoter group entity, on a preferential basis, in exchange for its 16.31% stake in Airtel Africa, the Gurugram-headquartered telco said in a regulatory filing.
“The proposal received resounding support from shareholders, including public and institutional investors, reflecting confidence in its strategic rationale and long-term value creation potential,” Airtel said.
