Bharti Airtel plans to increase its stake in its African unit through Airtel Africa, as part of a stock swap worth $2.9 billion.
As part of this, the board of the Indian telecoms giant has approved the issuance of up to 146.8 million shares at 1,923 rupees ($20) to Indian Continent Investment Ltd (ICIL), which is an investment firm that operates as a holding vehicle for Bharti Global, owned by Bharti and controlled by founder Sunil Bharti Mittal.
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ICIL's stake in Airtel Africa is 16.3 percent.
As reported by Forbes, the new shares are being issued at a 9.5 percent premium to Bharti Airtel’s last closing price, while the Airtel Africa shares are being acquired at an 11.6 percent discount to their last closing price.
