Bharti Airtel shareholders back Africa stake consolidation plan with near-unanimous approval

New Delhi [India], June 15 (ANI): Bharti Airtel said nearly all of its shareholders have approved the telecom major’s proposed transaction to consolidate its stake in Airtel Africa plc, a move the company said would strengthen its position in one of its key growth markets and enhance long-term shareholder value.

The approval pertains to Bharti Airtel’s plan to issue equity shares on a preferential basis to Indian Continent Investment Limited (ICIL), a promoter group entity, in exchange for ICIL’s 16.31 per cent stake in Airtel Africa.