Bharti Airtel Ltd increased its stake in Airtel Africa PLC to approximately 79%. The transaction was completed through a share swap with Indian Continent Investment Ltd (ICIL), a promoter group entity.
Bharti Airtel issued its own shares to ICIL in exchange for a 16.3% stake in the subsidiary. This deal allows the company to consolidate its high-growth African unit without a cash outflow.
London-listed Airtel Africa shares fell 4.3% on Wednesday following the announcement. The stock dropped to 333.00 pence during the session. The transaction was originally disclosed in May.