Indian Continent Investment, a firm linked to Airtel Africa board member, Shravin Bharti Mittal, has acquired a substantial amount of the telco shares to cross the 15 per cent threshold in terms of its stakes in the multinational firm.
In a corporate notice on Director’s Dealings filed with the Nigerian Exchange Limited (NGX) on Thursday, it was revealed that Indian Continent Investment, bought 94,593,705 units of shares at £0.9604, bringing the value of the transaction to £90.85 million translating into about N100.65 billion.
The transaction took place on Tuesday and was conducted under off-market bilateral private arrangements.
As a result of the acquisition, Indian Continent Investment via Bharti Overseas Private now had voting rights over 567,665,566 shares in Airtel Africa, representing 15.1 percent of the company.
That marked a notable increase from its previous position, which stood at 12.58 percent of the firm.
It will be recalled that Indian Continent, about a month ago bought Airtel’s shares worth £57.25million, which bumped its stakes to 12.58 percent.
Meanwhile, about the same time that the investment firm increased its stakes, another investor, Singapore Telecom International Pte Ltd, reduced its shareholding to below three per cent from 3.94 percent as it disposed of some shares.
READ ALSO FROM NIGERIAN TRIBUNE
