IN BRIEF: Bharti family investment arm grows stake in Airtel Africa
Airtel Africa PLC - Africa-focused telecommunications firm - Says Indian Continent Investment Ltd, which is closely associated with Shravin Bharti Mittal, purchased £848,283.19 worth of shares in Airtel last Friday and Monday.
Airtel is majority-owned by Bharti Airtel PLC, an Indian multinational firm and subsidiary of Bharti Global PLC. Bharti Global is the investment arm of the Bharti family and also owns Mauritius-based private equity firm Indian Continent. Mittal is Bharti Global’s managing director.
Indian Continent bought 454,014 shares at 95 pence each, worth £433,060.35 of Airtel Africa shares last Friday and a further 432,604 shares at 96p, worth £415,222.84, on Monday. This increases the Bharti family’s existing stake in Airtel Africa, which in 2019 was reported to be approximately 66% of share capital. Between 2019 and Friday’s shareholdings update, Mittal has purchased additional shares in Airtel Africa, including a total of £1.2 million shares in April.
The news follows Bharti Global’s high-profile acquisition in August of a 25.0% stake in BT PLC.
Current stock price: 98.50 pence, up 1.6% on Friday afternoon in London.
12-month change: down 12%
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