Bharti Airtel (BHARTIARTL) said on May, 13 2026 that its board has approved the issue of up to 146.8 million new shares to Indian Continent Investment Limited (ICIL) through a preferential allotment.

The stock will be allotted at an issue price of about S$32 per share, translating to a deal value of roughly S$4.7 billion. In exchange, ICIL will transfer up to 595.2 million shares, or 16.31 per cent of London-listed subsidiary Airtel Africa, to Bharti Airtel.

The transaction is designed to consolidate Bharti Airtel’s holding in Airtel Africa — currently 62.73 per cent — without using cash or additional debt. Management said the swap is expected to be earnings-accretive for the Indian parent.

The proposed deal is subject to shareholder approval at an extraordinary general meeting and to other statutory and regulatory clearances. The board has mandated a special committee of directors to execute all related actions.

The board meeting opened at 14:00 IST and closed at 17:40 IST on May, 13 2026.