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Article: India: Siva Group to sell 6.3% stake in S Tel to Batelco.
- Article from:
- TendersInfo
- Article date:
- September 12, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: datta03
NRI investor C Sivasankaran has decided sell a 6.3% stake in the Chennai-based S Tel to the Bahrain-based Bahrain Telecommunications
(Batelco). The deal size is valued at Rs 125 crore, considering that Batelco Millennium India (BMIC), a Batelco-controlled company incorporated in Mauritius, had earlier acquired a 42.7% stake in S Tel for Rs 875 crore, valuing the company over Rs 2,000 crore then. However, Batelco may have had to pay a premium for acquiring this additional 6.3% stake in S Tel.
Confirming this move, V Srinivasan, chief executive officer of the Siva Group, told ET: It is the understanding between the Siva Group and ...
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