Airtel Africa tumbles as investors sell 58m shares in placing

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 - a 9.7% discount to the closing share price on Monday - 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 1105 GMT, the shares were down 9.3% at 140.60p.