A firm named Indian Continent Investment Limited has made significant strides in strengthening its position within Airtel Africa, acquiring shares worth £57.25 million. This development was revealed in a corporate notice submitted to the Nigerian Exchange Limited on Thursday. The Mauritius-based Indian Continent Investment Limited purchased 53,500,000 units of Airtel Africa shares at £1.07 per unit, according to the notice. Notably, the firm is affiliated with Shravin Bharti Mittal, the Managing Director of Bharti Global Ltd, which serves as the Bharti family’s investment arm. Bharti Airtel holds the largest stake in Airtel Africa.
The transaction, which occurred on the London Stock Exchange, where Airtel Africa’s shares are listed, reflects Indian Continent Investment Limited’s increased shareholding to 12.58%, up from 11.02%. The firm now holds 473,071,861 shares indirectly.
In a parallel development, Singapore Telecom International Pte Ltd, another shareholder, reduced its shareholding to below three percent from 3.94% by disposing of part of its shares, also on Monday.
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The backdrop to these changes includes Airtel Africa’s announcement on August 15, 2023, regarding the cancellation and extinction of all deferred shares with a nominal value of $0.50 each. This decision, approved by shareholders at the annual general meeting held on July 4, 2023, received sanction from the High Court of England and Wales.
The capital reduction resulting from the cancellation of deferred shares has created additional distributable reserves for Airtel Africa. These reserves, available for future use, could facilitate returns to shareholders through dividends, distributions, or share repurchases. Following the capital reduction, the company’s issued share capital will comprise 3,758,151,504 ordinary shares of $0.50 nominal value each, each carrying one vote.
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