(Alliance News) - Airtel Africa PLC's shareholders will sell roughly GBP80 million worth of stock in the Africa-focused telecommunications firm, bookrunner Citigroup Global Markets Ltd said on Monday.
Funds managed by Warburg Pincus LLC and Morningstar Investment Pte Ltd will sell roughly 53 million shares in the FTSE 100-listed company.
The shares represent 1.4% of Airtel's capital. At current prices, the sale would be worth GBP82.2 million.
Airtel shares closed flat at 155 pence in London on Monday.
"The placing shares are being offered to institutional investors by way of an accelerated bookbuild," Citi explained.
"The final number of placing shares to be placed and the placing price will be agreed by Citi and the sellers at the close of the bookbuild process, and the results of the placing will be announced as soon as practicable thereafter."
The sellers will enter a 90-day lock-up period in respect to sales of any remaining Airtel shares.
By Eric Cunha; ericcunha@alliancenews.com
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Airtel Africa (AAF)