NEW DELHI: Nearly all shareholders of Bharti Airtel Monday approved ongoing transaction to consolidate its stake in subsidiary Airtel Africa, indicating strong investor confidence. The transaction involves Bharti Airtel issuing equity shares to Indian Continent Investment, a promoter group entity, on preferential basis, in exchange for 16.3% stake in Airtel Africa. Upon consummation and approvals, the transaction valued at Rs 28,200 crore will increase Bharti Airtel’s effective stake in Airtel Africa to about 79% — up from 62.7%.
