Firm Bolsters Airtel Africa Holdings with £57m Share Acquisition

Indian Continent Investment Limited has fortified its position in Airtel Africa by acquiring shares worth £57.25 million. In a corporate disclosure submitted to the Nigerian Exchange Limited on Thursday, the Mauritius-based Indian Continent Investment Limited purchased 53,500,000 units of Airtel Africa at £1.07 per unit. This strategic move transpired on the London Stock Exchange, where Airtel Africa shares are listed.

The acquiring firm, affiliated with Shravin Bharti Mittal, the Managing Director of Bharti Global Ltd (Bharti family investment arm), signals a reinforced commitment. Bharti Airtel, the largest shareholder of Airtel Africa, is connected to Indian Continent Investment Limited.

According to the disclosure, the transaction resulted in Indian Continent Investment Limited increasing its stake from 11.02% to 12.58%, now holding 473,071,861 shares indirectly.

Concurrently, another shareholder, Singapore Telecom International Pte Ltd, scaled down its shareholding to below three percent from 3.94%, following a partial divestment on the same Monday.

In a prior development on August 15, 2023, Airtel Africa communicated the annulment and extinguishment of all deferred shares with a $0.50 nominal value each. This decision, greenlit by shareholders at the annual general meeting on July 4, 2023, was sanctioned by the High Court of England and Wales.

The capital reduction has created additional distributable reserves, empowering the company to explore future returns to shareholders, including dividends, distributions, or share buybacks. Post the capital reduction, Airtel Africa’s issued share capital stands at 3,758,151,504 ordinary shares of $0.50 nominal value each, each carrying one vote.

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