Indian Continent Investment Boosts Stake in Airtel Africa with £57.25m Share Acquisition

Indian Continent Investment Limited has increased its stake in Airtel Africa by acquiring £57.25 million worth of shares, according to a corporate notice filed with the Nigerian Exchange Limited.

The Mauritius-based firm, affiliated with Shravin Bharti Mittal, Managing Director of Bharti Global Ltd, purchased 53,500,000 units of Airtel Africa at £1.07 per unit on the London Stock Exchange.

Bharti Airtel, the largest shareholder of Airtel Africa, has strong ties to Indian Continent Investment Limited.

The share acquisition resulted in Indian Continent Investment increasing its shareholding from 11.02% to 12.58%, now holding 473,071,861 shares indirectly.

Concurrently, Singapore Telecom International Pte Ltd reduced its shareholding to below three percent from 3.94%, with a partial disposal of shares also occurring on the same day.

In related developments, Airtel Africa recently canceled and extinguished all deferred shares, approved by shareholders on July 4, 2023.

The capital reduction resulting from this move creates additional distributable reserves for potential future returns to shareholders through dividends, distributions, or share repurchases.

After the reduction, the company’s issued share capital stands at 3,758,151,504 ordinary shares of $0.50 nominal value each, each carrying one vote.