Telenor hikes stake in Unitech Wireless to 60%; pays Rs 1493 crore
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Last Updated: Friday, January 08, 2010, 15:20
  
Mumbai: Norwegian telecom major Telenor has hiked stake to 60.1 per cent in its Indian joint venture Unitech Wireless from 49 per cent earlier and has paid Rs 1,493 crore for the same.

The payment is the third tranche for the 11.1 per cent stake in Unitech Wireless, realty major Unitech, which founded Unitech Wireless, said in a filing to the BSE.

Telenor plans to hike its stake to 67.25 per cent in Unitech Wireless eventually.

Unitech Wireless on January 7 received an aggregate amount of Rs 1,493 crore from Telenor Asia Ptv. Ltd for acquisition of further 11.1 per cent stake in Unitech Wireless by way of issuance of fresh shares, Unitech said.

Taking into account 33.5 per cent stake bought by Telenor in the first phase by investing Rs 1,250 crore and another Rs1,130 crore for a further 15.5 per cent stake, the total stake of Telenor in Unitech Wireless would be 60 per cent of the total issue and paid-up equity share capital, it said.

Last month the JV launched GSM mobile services in the country under the brand Uninor.

Unitech Wireless is the first among those who were offered licences in 2008 to launch mobile services. It is operating in seven circles.

The company has launched operations in Tamil Nadu, Kerala, Karnataka, Andhra Pradesh, Uttar Pradesh (East and West), Bihar and Jharkhand.

Unitech Wireless has pan-Indian telecom licences in 22 circles. Telenor is a global provider of telecommunications, data and media communication services.

Shares of Unitech were trading at Rs 86.95, up 3.33 per cent in the afternoon trade on BSE.

PTI


First Published: Friday, January 08, 2010, 15:20


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