Indian telecom major Bharti Airtel Limited announced on Friday, February 21, that it has decided to increase its stakeholding up to 5 per cent in the Airtel Africa business, according to an exchange filing.
The parent company is increasing its stakeholding from the current level of 57.29 per cent. After the 5 per cent stake acquisition, Bharti Airtel’s holdings in Airtel Africa will be 62.29 per cent.
“We wish to inform that the Special Committee of Directors, a duly authorized Committee by the Board of Directors of the Company, has approved an increase in shareholding of the Company in Airtel Africa plc (a subsidiary company listed in UK), by acquisition of upto 5% stake in one or more tranches during FY 2024-25, through Airtel Africa Mauritius Limited (AAML), a step-down subsidiary company,” said the company in the BSE filing.
Bharti Airtel also highlighted that the plans to increase the stake will be carried out by March 31, 2025, and the deal will be executed at a cash consideration, according to the filing data.
Bharti Airtel Share Price
Bharti Airtel Ltd shares closed 0.41 per cent lower at ₹1,638.40 after Friday’s stock market session, compared to ₹1,645.20 at the previous market close. The telecom major announced the stakeholding plan after stock market operating hours on February 21.
Bharti Airtel shares have given stock market investors over 200 per cent returns in the last five-year period and nearly 44 per cent returns in the last one-year period. The shares are trading 2.57 per cent higher on a year-to-date (YTD) basis.
The company’s shares hit their 52-week high levels at ₹1,778.95 on September 26, 2024, while the 52-week low level was at ₹1,098 on February 22, 2024, according to BSE data.
However, the share price of Bharti Airtel dropped over 1 per cent after the promoter group, Indian Continent Investment Limited (ICIL), sold a 0.84 per cent stake in the telecom major, Mint reported on February 19.
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