Indian Continent Investment, a company associated with Airtel Africa board member Shravin Bharti Mittal, has increased its shareholding in the telecommunications company. According to a recent corporate notice submitted to the Nigerian Exchange Limited, Indian Continent Investment purchased an additional 94,593,705 shares of Airtel Africa at a price of £0.9604 per share. This transaction, amounting to a total value of £90.85 million (approximately N100.65 billion), was executed through off-market bilateral private arrangements on Tuesday.

With this acquisition, Indian Continent Investment’s stake in Airtel Africa has risen to 15.1%, up from its previous holding of 12.58%. The firm now owns over 567 million shares in Airtel Africa, marking a considerable expansion of its influence in the company.informationguidenigeria

This move comes just over a month after Indian Continent’s previous investment in Airtel Africa, where it bought shares worth £57.25 million, which had increased its stake to 12.58% at the time.JAMB Portal

In contrast, another significant investor, Singapore Telecom International Pte Ltd, has decreased its shareholding in Airtel Africa to below 3%, down from 3.94%.NYSC Portal

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Additionally, Airtel Africa announced a significant corporate action on August 15, 2023. The company confirmed the cancellation and extinction of all its deferred shares of $0.50 nominal value each. This decision, which was approved by shareholders at the annual general meeting on July 4, 2023, and later sanctioned by the High Court of England and Wales, was part of a capital reduction strategy. The primary goal of this capital reduction is to create additional distributable reserves, thereby enhancing the company’s capacity to return value to shareholders, potentially through dividends, distributions, or the purchase of its own shares.JAMB Result

Following the capital reduction, the issued share capital of Airtel Africa now stands at 3,758,151,504 ordinary shares, each with a nominal value of $0.50 and carrying one vote.

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