India, May 14 -- Bharti Airtel and Indian Continent Investment Limited (ICIL) are set to undertake a share swap transaction involving Airtel Africa as part of an internal restructuring within the Bharti Group.

The transaction, valued at around Rs 28,220 crore, is aimed at consolidating Bharti Airtel's ownership in Airtel Africa. The deal will be executed entirely through a share swap arrangement, with no cash component involved.

Under the proposed structure, Bharti Airtel will acquire ICIL's 16.31 per cent stake in Airtel Africa. In exchange, Airtel will issue 146.7 million new shares to ICIL at a price of Rs 1,923 per share, representing a premium of 9.5 per cent over Airtel's closing share price on May 13.

As part of the agreement, A...