Indian Continent Investment Limited, based in Mauritius, has increased its ownership in Airtel Africa by acquiring £57.25 million worth of shares, according to a corporate notice submitted to the Nigerian Exchange Limited.

The transaction, which took place on the London Stock Exchange, saw the purchase of 53,500,000 units of Airtel Africa shares at £1.07 per unit.

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The firm is affiliated with Shravin Bharti Mittal, the Managing Director of Bharti Global Ltd, the Bharti family investment arm, and Bharti Airtel, the largest shareholder of Airtel Africa.

Following this deal, Indian Continent Investment’s shareholding rose from 11.02% to 12.58%, totaling 473,071,861 shares indirectly held.

In a related development, another shareholder, Singapore Telecom International Pte Ltd, decreased its stake to below three percent from 3.94% through the sale of a portion of its holdings on the same day.

Earlier on August 15, 2023, Airtel Africa announced the cancellation and extinction of all deferred shares of $0.50 nominal value each, a move approved by shareholders at the annual general meeting on July 4, 2023.

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The capital reduction resulting from this action creates additional distributable reserves, providing flexibility for future returns to shareholders in the form of dividends, distributions, or share buybacks.

Post-capital reduction, Airtel Africa’s issued share capital stands at 3,758,151,504 ordinary shares of $0.50 nominal value each, each carrying one vote.