One month after increasing its voting rights to 12.58%, Bharti Overseas Pvt Limited has further consolidated its stake in Airtel Africa by increasing its voting rights to 15.10%.
According to a corporate filing on the NGX website, the group acquired the shares through its subsidiary, Indian Continent Investment Limited. The company, Indian Continent Investment Limited acquired 94,593,705 shares of Airtel Africa in an off-market deal worth £90,847,794 on December 12, 2023.
The chain of ownership is, Bharti Overseas Pvt Limited owns a 100% stake in Bharti Global Limited, which in turn owns a 100% stake in Indian Continent Investment Limited.
Due to the purchase, Bharti Global Limited now has 3.38% voting rights in Airtel Africa, while Indian Continent Investment Limited increased its voting rights to 11.72%.
What you should know
Bharti Overseas Private Limited is another Bharti Mittal family enterprise based in Delhi, India. The company specializes in the production of metal works for use in the construction, telecommunications, electricity, and oil and gas sectors in India. Bharti Overseas Private Limited also holds the position of the second-largest shareholder in Airtel Africa Plc.
The leading shareholder in Airtel Africa Plc is Bharti Airtel Limited, a company primarily overseen by Singapore Telecommunications Limited, possessing a dominant stake of 56%. Bharti Overseas Private Limited currently also holds a 15.10% stake in Airtel Africa, establishing its significant standing within the company’s shareholder framework.
