(Alliance News) - JP Morgan Securities PLC on Tuesday said it has completed the sale of 60 million existing shares in Airtel Africa PLC at a price of 80 pence per share for a total of GBP48 million.
The sale was by an undisclosed "institutional seller".
The placing was announced after the market close on Monday and was conducted via an accelerated bookbuild, which determined the price per share. JP Morgan Cazenove acted as sole bookrunner. The placing is expected to settle on Thursday.
The placing shares represent approximately 1.6% of the London-based telecoms and mobile money services company's equity. Airtel Africa won't receive any proceeds from the placing, as it was of existing shares.
Shares in Airtel Africa were down 18% at 75.69 pence in London on Tuesday.
By Zoe Wickens; zoewickens@alliancenews.com
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Airtel Africa (AAF)