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Bharti Airtel Shareholders Approve Consolidation of Airtel Africa Stake

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Bharti Airtel (NSE:BHARTIARTL, BOM:532454) said nearly 100% of its shareholders have approved a transaction to consolidate its holding in Airtel Africa, according to an Indian bourse filing on Monday.

The deal involves issuing equity shares to Indian Continent Investment, a promoter group entity, in exchange for its 16.31% stake in Airtel Africa, the filing said. The transaction does not involve any cash outflow, it added.

Bharti Airtel said its effective stake in Airtel Africa will rise to about 79% upon deal completion. The deal is subject to regulatory approvals, it added.

Shares of Bharti Airtel rose nearly 1% in recent trade.

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