RE: What just happened13 May 2026 13:55
Bharti Airtel have announced their intentions to buy AAF shares and swap them for Bharti Airtel shares - at a discount to current AAF price. So no exciting premium for us for now!
“Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure
Dear Sir/ Ma’am,
Further to our intimation dated May 10, 2026, we wish to inform you that the Board of Directors
(‘Board’) of Bharti Airtel Limited (‘Company’/ ‘Airtel India’), in its meeting held today i.e. Wednesday,
May 13, 2026, has approved the issuance of upto 146,761,335 fully paid-up equity shares of the
Company to Indian Continent Investment Limited (‘ICIL’), on a preferential basis against swap of upto
16.31% shareholding (Upto 595,204,251 shares) held by ICIL, in Airtel Africa plc (‘Airtel Africa’), a UK
listed subsidiary.
The Board has approved May 13, 2026 as the ‘Relevant Date’ for determining the floor price for the
preferential issue in terms of the SEBI (Issue of Capital and Disclosure Requirements) Regulations,
2018 (‘SEBI ICDR Regulations’).
The equity shares shall be issued at a price of INR 1,923 per share, well above the floor price in terms
of SEBI ICDR Regulations, and is based on the valuation report obtained by the Company from
independent registered valuer, certifying the swap ratio.
The Board recognized that the Transaction is in line with the objective of consolidating/ strengthening
shareholding in a strategic subsidiary. Apart from being cash-less and leverage neutral, the
Transaction is accretive to EPS of Airtel India with additional earnings outweighing the dilution.
Additionally, for the purpose of this swap transaction, the shares of Airtel India are proposed to be
issued at a premium of ~9.5% to the last closing price prior to the Relevant Date and the corresponding
shares of Airtel Africa shall be acquired at ~11.6% discount to the last closing price prior to Relevant
Date.”
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