Bharti Airtel to ramp up stake in Airtel African Plc by up to 5%

Bharti Airtel

Telecom major Bharti Airtel's board has approved raising the stakeholding in Airtel Africa by up to 5 percent, the telecom firm said in an exchange filing on February 21.

Airtel Africa Mauritius Limited, which is a step-down subsidiary of Bharti Airtel, presently holds 57.29 percent of Airtel Africa plc.

The said acquisition is being done to increase stake in Airtel Africa plc, it said.

"...the Special Committee of Directors, a duly authorised 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 up to 5 per cent stake in one or more tranches during FY 2024-25, through Airtel Africa Mauritius Limited (AAML), a step-down subsidiary company," the filing further said.

The acquisition shall be undertaken for cash consideration and at pricing, in accordance with the applicable laws, it further added.

Bharti Airtel on February 6 reported a 505% jump in net profit at Rs 14,781 crore for the quarter that ended December 31, 2024, thus beating estimates, on account of a one-time gain incurred by the consolidation of a majority stake in Indus Towers. It reported a net profit of Rs 2,442 crore in the year-ago period.