Telecom major Bharti Airtel on Friday announced it will increase its shareholding in Airtel Africa plc, a subsidiary company listed in UK, by acquisition of upto 5 per cent stake in one or more tranches during FY 2024-25. The acquisition, it added, will be done through Airtel Africa Mauritius Limited (AAML), a step-down subsidiary of the company. AAML presently holds 57.29 per cent of Airtel Africa plc.
In a regulatory filing, Bharti Airtel said, “…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.”
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The acquisition will be completed by March 31, 2025, Bharti Airtel stated while maintaining that the acquisition shall be undertaken for cash consideration.
Earlier this month, Bharti Airtel released its fiscal third quarter earnings with profit of Rs 14,781.20 crore, reporting a growth of 505.24 per cent in comparison to Rs 2442.20 crore during the corresponding quarter of FY24. The telecom major had recorded revenue from operations at Rs 45,129.30 crore, up 19.08 per cent YoY, driven by strong underlying momentum in India, sustained constant currency growth in Africa and Indus Tower Ltd consolidation effective November 19, 2024.
Shares of Bharti Airtel were down 0.41 per cent at 5:30 pm at a trading price of Rs 1,638.40.
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