Bharti Airtel—controlled by Indian billionaire Sunil Mittal—plans to consolidate its stake in its London-listed African unit through a 282-billion-rupee ($2.9 billion) stock swap, strengthening its control over the fast-growing business.

The company’s board approved the issuance of up to 146.8 million shares at 1,923 rupees each to Indian Continent Investment, a company linked to the Mittal family, on a preferential basis. In return, Bharti Airtel will acquire Indian Continent’s 16.3% stake in Airtel Africa. The new shares are being issued at a 9.5% premium to Bharti Airtel’s last closing........

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