Bharti Airtel to Issue Shares to ICIL for Airtel Africa Stake

Bharti Airtel's board approved issuing up to 146,761,335 fully paid-up equity shares to Indian Continent Investment Limited (ICIL) on a preferential basis. This is in exchange for up to 16.31% shareholding (up to 595,204,251 shares) held by ICIL in Airtel Africa plc, a UK-listed subsidiary. The issue price is set at ₹1,923 per share, above the floor price as per SEBI ICDR Regulations. The transaction, aimed at consolidating shareholding in Airtel Africa, is EPS accretive and leverage neutral for Airtel India. The shares are proposed to be issued at a premium of ~9.5% to the last closing price prior to the Relevant Date, and the corresponding shares of Airtel Africa shall be acquired at ~11.6% discount to the last closing price prior to Relevant Date. The transaction is subject to shareholder approval.