Bharti Airtel shareholders have approved the telecom operator raising its stake to nearly 79% in subsidiary, Airtel Africa. <\/p>\n
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. <\/p>\n
\u201cThe proposal received resounding support from shareholders, including public and institutional investors, reflecting confidence in its strategic rationale and long-term value creation potential,\u201d Airtel said. <\/p>\n
The telco further said that the transaction, being a cashless share-swap, presents an opportunity to acquire a large block and increase its \u201ceconomic interest in a high-growth asset without any incremental leverage or cash outflow\u201d. <\/p>\n
The move will further simplify the Group\u2019s shareholding structure and enhance transparency, as per the filing. <\/p>\n
\u201cAirtel Africa is central to our growth strategy and is well positioned to deliver robust performance with an increasing contribution to our consolidated revenues,\u201d said Sunil Bharti Mittal, founder & chairman, Bharti Enterprises. \u201cStructured as a share swap, India’s largest ever transaction preserves capital strength for Airtel\u2019s core operations and future growth ambitions.\u201d <\/p>\n
Mittal added that the company sees significant potential in Africa for long-term shareholder value creation. <\/p>\n
The transaction, upon consummation and subject to receipt of all requisite regulatory approvals, will increase Airtel\u2019s effective stake in Airtel Africa to approximately 79%, according to the filing.<\/p>\n","protected":false},"excerpt":{"rendered":"
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. \u201cThe proposal received resounding support from shareholders, including public and institutional investors, reflecting confidence in its strategic rationale and long-term value creation potential,\u201d Airtel said. The telco further said that the transaction, being a cashless share-swap, presents an opportunity to acquire a large […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-1014860","post","type-post","status-publish","format-standard","hentry","category-telecom"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/1014860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=1014860"}],"version-history":[{"count":1,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/1014860\/revisions"}],"predecessor-version":[{"id":1014869,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/1014860\/revisions\/1014869"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=1014860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=1014860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=1014860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}