Airtel Africa was under the cosh on Tuesday after funds managed by Warburg Pincus and Morningstar Investment sold 58m shares in the telecommunications group in a placing.
The placing shares represent around 1.5% of Airtel’s issued ordinary share capital and the shares were sold at 140p each, raising gross proceeds of £81.2m.
Citigroup acted as sole global coordinator and bookrunner in connection with the offering.
Airtel Africa will not receive any proceeds from the placing.
At 0810 GMT, the shares were down 12% at 136.48p.
