Bharti Airtel approves Rs 282.2 billion share swap with ICIL to increase stake in Airtel Africa

Kinjal — Wed, 13 May 2026 12:41:17 +0000

Bharti Airtel Limited has announced a significant strategic move to consolidate its holdings in Airtel Africa plc. The company’s Board of Directors has approved the issuance of up to 146,761,335 fully paid-up equity shares to Indian Continent Investment Limited (ICIL) on a preferential basis. This transaction involves a share swap for up to 16.31% of Airtel Africa’s shareholding, currently held by ICIL.

The equity shares of Bharti Airtel will be issued at a price of ₹1,923 per share, which is above the floor price as per the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The valuation for the swap ratio has been certified by an independent registered valuer. The transaction is designed to be cash-less and leverage neutral, enhancing the earnings per share (EPS) of Airtel India, with additional earnings outweighing the dilution.

The shares of Bharti Airtel are proposed to be issued at a premium of approximately 9.5% to the last closing price before the relevant date, while the shares of Airtel Africa will be acquired at a discount of around 11.6% to the last closing price before the relevant date.

The transaction, subject to shareholder approval at an Extraordinary General Meeting, aligns with Bharti Airtel’s objective of strengthening its shareholding in a key strategic subsidiary. The Board has authorised a Special Committee of Directors to manage all matters related to the transaction.

The transaction is expected to be completed following the necessary regulatory and statutory approvals, in compliance with applicable laws.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Indian Continent Investment Limited | Business Upturn

Bharti Airtel approves Rs 282.2 billion share swap with ICIL to increase stake in Airtel Africa