Norway’s Telenor completes purchase of 49 per cent stake in Unitech
20 May 2009
Norway-based Telenor ASA has increased its stake in Unitech Wireless Ltd, the telecom unit of Unitech Ltd, to 49 per cent by investing an additional Rs1,130 crore ($237.3 million), the Indian real estate developer told the Bombay Stock Exchange on Wednesday.
Eight units of Unitech Wireless on Tuesday received the funds for the additional 15.5 per cent stake from Telenor Asia Pte Ltd, the Asian unit of the Norwegian telecom major, Unitech said. The deal is in keeping with an agreement signed earlier this year.
Unitech also received an additional Rs240 crore from Telenor to maintain the Norwegian telecom operator's stake at 49 per cent after the Indian firm converted bonds into shares for another shareholder, the statement said.
Earlier in March, Telenor had bought a 33.5 per cent stake in the first phase for Rs1,250 crore. Telenor is the seventh-largest mobile services company in the world, with about 150 million users in Scandinavia, Europe and Asia.
Telenor will inject a total of Rs6,120 crore into Unitech Wireless, which will result in its 67.25 per cent shareholding (subject to regulatory approval) in the company.
