Airtel sets Africa unit IPO, Stock trade higher

Airtel Africa, a unit of Indian Bharti Airtel Limited, said on Monday it sets global markets for its proposed initial public offering (IPO) on an international stock exchange.

The company has appointed JP Morgan, Citigroup Inc, BofA Merrill Lynch, Absa Group Ltd, Barclays Bank PLC, BNP Paribas, Goldman Sachs Int and Standard Bank Group Ltd, the company said in a statement..

Airtel Africa also announced it’s newly constituted Board of Directors (BoD) that consists of representatives from Bharti Airtel and the investors. The new BoD brings a wealth of industry and governance experience to further boost the Airtel Africa business.

On the back of the news, shares of the Bharti Airtel traded higher on the day, hitting high at Rs. 338.90 per share up over 3 percent, and are currently trading at Rs. 334.85 up by 2.14 percent on the NSE, during afternoon hours of trade.

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