Airtel Africa's Delayed $4.4 Billion Nigeria listing to Go Ahead on July 8

Airtel Africa aims to Record about the Offender bourse on Monday, among Those financial advisors arranging the Problem said, after the Trade postponed the Record which had been scheduled for Friday.

The Nigerian Stock Exchange on Friday said the secondary record of Airtel Africa shares planned for July 5 was postponed to ensure the telecoms firm meets its record requirements.

A source in the arranger told Reuters that the delay was due to a guide allotment process of moving the shares to new investors.

India’s Bharti Airtel last week offered shares in its African unit by means of a London IPO and it would double list in Nigeria, its main market in Africa.

Nigeria’s bourse said it postponed the cross-border record of 3.76 billion stocks of Airtel Africa, but enabled Airtel to proceed with a investor presentation. It stated that it would inform the market on when the conditions were fulfilled.

Airtel put its Nigerian record cost at NGN 363 (roughly Rs. 69) per share, the bourse said, through a book building process which valued the business at NGN 1.364 trillion ($4.44 billion or approximately Rs. 3,03,918 crores).

In May, Africa’s biggest telecoms firm MTN listed its Nigerian unit in Lagos at a $6.5 billion (approximately Rs. 4,44,925 crores) float that made it the second-largest inventory about the bourse by market value.

Nigerian stocks have been crimped over reduced expansion in Africa’s biggest economy that has been further stymied with the president’s failure to appoint a cupboard four months after winning another term. Local stocks have fallen 6.8 percent this year and shed 17.8 percent this past year.

The local bourse said Airtel shares enrolled in Britain may be transferred from the London marketplace to Nigeria subject to approval by the custodians in London and money regulation in Nigeria. But Airtel shares registered in Nigeria cannot be transferred to London, ” it said.