Babcock & Brown Capital now holds 27% or just over 292 million shares in Eircom, the Australian investment company said in a letter to the Irish phone group published on Friday evening.
B&B, which is considering buying Eircom, last week became the company's biggest shareholder. If B&B increases its stake above 29.9%, that would trigger a mandatory offer for the company.
Eircom said last month it had received an approach from B&B that may or may not lead to an offer being made for the company.
