Airtel Africa (AAF.L) shares are trading lower after its parent company, Bharti Airtel, moved to increase its ownership stake in the company through a share swap transaction.
- Bharti Airtel is issuing its own shares to Indian Continent Investment Limited in exchange for a larger stake in its London-listed African unit.
- This transaction will increase Bharti Airtel's direct holding in Airtel Africa from 62.73%.
- The stock reacted negatively earlier in the week when it was announced the stake would be acquired at a discount to the market price.