Indian Continent Investment, a Mauritius-based firm, affiliated with Shravin Mittal, an Airtel Africa board member, has increased its stake in the telco to over 15 percent.
This was disclosed in a corporate notice filed with the Nigerian Exchange Limited on Thursday on director’s dealings. It revealed that the firm bought 94.59 million units of shares at £0.9604, bringing the value of the transaction to £90.85million (about N100.65 billion).
The transaction which took place on December 12, was conducted under off-market bilateral private arrangements.
As a result of the acquisition, the firm now has over 567.66 million shares in Airtel Africa, representing 15.1 percent of the company from its initial 12.58 percent stake.
That marked an increase from its previous position, which stood at 12.58 percent of the firm.
Indian Continent’s latest acquisition comes just over a month ago when it bought Airtel’s shares worth £ 57.25 million, which bumped its stakes to 12.58 percent.
The firm registered in Mauritius bought 53.5 million units of Airtel Africa at £1.07 per unit.
Meanwhile, another investor, Singapore Telecom International Pte Limited, reduced its shareholding to below three percent from 3.94 percent.
On August 15, 2023, Airtel Africa announced the cancellation and extinction of all of its deferred shares of $0.50 nominal value each, which was approved by shareholders at the annual general meeting of the company held on July 4, 2023.
The cancellation and extinction was sanctioned by the High Court of England and Wales.
The capital reduction was aimed at creating additional distributable reserves, which will be available to the company going forward and may be used to facilitate returns to shareholders in the future, whether in the form of dividends, distributions or purchases of the company’s shares.