New Delhi, June 15 -- Bharti Airtel said nearly all of its shareholders have approved the telecom major's proposed transaction to consolidate its stake in Airtel Africa plc, a move the company said would strengthen its position in one of its key growth markets and enhance long-term shareholder value.

The approval pertains to Bharti Airtel's plan to issue equity shares on a preferential basis to Indian Continent Investment Limited (ICIL), a promoter group entity, in exchange for ICIL's 16.31 per cent stake in Airtel Africa.

According to the company release, the proposal received overwhelming support from shareholders, including public and institutional investors, reflecting confidence in the strategic rationale of the transaction and its...