One of Africa Telecommunication Company (Airtel Africa) receive $200 million Investment from QIA.
Airtel Africa Thursday said it has completed raising $200 million, or around Rs 1,420 crore, from Qatar Investment Authority (QIA) through an issue of primary shares.
The company in its statement said, “We hereby inform that upon receipt of full issue proceeds, $200 million, the primary equity issuance by Airtel Africa Limited, UK has now been completed.”
Shares in Airtel Africa parent Bharti Airtel rose around 0.6% in afternoon trade in BSE, reaching Rs 305, paring gains after touching an intraday high of Rs310. Airtel’s stock hasld closed at Rs 303.35 on BSE Wednesday.
The funds will be used to reduce the Africa unit’s debt, thereby also strengthening Bharti Airtel’s consolidated books. It will help the UK-based holding company of Airtel’s Africa operations cut its net debt to roughly $3.5 billion, the mobile phone operator counted among the world’s top three by subscribers, said.