Bharti Airtel up 15% as investors to pump $1.25 billion in African unit

The stock moved higher by 15% to Rs 329 after Bharti Airtel said that six leading global investors to invest $ 1.25 billion in Airtel Africa through primary equity issuance.

Shares of Bharti Airtel have moved higher by 15% to Rs 329 per share on the BSE in intra-day trade on Wednesday after the telecom services company said that the global investors comprising Warburg Pincus, Temasek, Singtel, SoftBank Group International and others will invest $1.25 billion in company’s subsidiary Airtel Africa.

The proceeds will be used to reduce Airtel Africa’s existing debt of approximately $ 5 billion and for the growth of its African operations. Airtel Africa subsequently intends an initial public offering and use the proceeds primarily for further reduction of debt.

“Airtel Africa, a UK incorporated