Bharti Airtel announced that nearly 100 per cent of its shareholders have approved the company's proposed acquisition of an additional 16.31 per cent stake in its African subsidiary, Airtel Africa plc, through a share-swap transaction valued at approximately Rs 28,220 crore.

Under the approved arrangement, Bharti Airtel will issue equity shares on a preferential basis to Indian Continent Investment Limited, a promoter group entity, in exchange for its 16.31 per cent holding in Airtel Africa. Upon completion of the transaction, Bharti Airtel's stake in Airtel Africa will increase to around 79 per cent from the current 62.73 per cent.

The company stated that the transaction is structured as a cashless share-swap, enabling it to consolidate ownership in a strategically important and high-growth asset without incurring additional leverage or deploying cash. This structure also helps preserve the company's financial flexibility for future investments and operational requirements.

Bharti Enterprises Founder and Chairman Sunil Bharti Mittal described Airtel Africa as a key pillar of the group's long-term growth strategy. He noted that the African business is expected to contribute increasingly to consolidated revenues and remains well positioned to deliver strong operational performance across its markets.

Mittal further stated that the strong shareholder approval reflects investor confidence in the company's strategic direction. He highlighted Africa's significant growth potential and expressed confidence that greater ownership in Airtel Africa will support long-term value creation for shareholders.

The transaction is among the largest share-swap deals undertaken by an Indian company and strengthens Bharti Airtel's economic interest in one of its most important international businesses.