Bharti Airtel shareholders have approved a ₹28,200 crore share-swap transaction aimed at consolidating the company’s ownership in its African subsidiary, Airtel Africa, the company said on Monday.
Nearly 100% of shareholders supported the proposal at an extraordinary general meeting, clearing the way for the issuance of 146.8 million equity shares to Indian Continent Investment Limited (ICIL), a promoter group entity, on a preferential basis. In return, Bharti Airtel will acquire ICIL’s 16.31% stake in Airtel Africa.
The deal, approved by the company’s board on May 14, will increase Airtel’s indirect ownership in Airtel Africa to 79.04%, strengthening its control over one of its key overseas businesses. Following the transaction, ICIL’s direct holding in Bharti Airtel is expected to rise to as much as 3.25%, while overall promoter group holdings outside Bharti Telecom will stand at around 10.6%, including stakes held by the Mittal family and Singtel.
Company founder and chairman Sunil Bharti Mittal said Airtel Africa remains central to the group’s long-term growth strategy and will contribute increasingly to consolidated revenues. He added that the share-swap structure preserves capital strength while supporting future expansion plans.
The company described the transaction as India’s largest-ever share-swap deal, reinforcing investor confidence and enabling stronger focus on growth opportunities in African markets.
