Bharti Airtel Ltd. approved a plan to bolster its stake in its UK-listed African subsidiary through a $2.9 billion stock swap, a move which India’s No. 2 wireless operator expects will boost earnings per share.

The board of Bharti Airtel India on Wednesday cleared the issuance of as many as 146.8 million shares to Indian Continent Investment Ltd. on a preferential basis, according to a regulatory filing. In exchange, ICIL will acquire a 16.3% stake in Airtel Africa Plc.