Financial Daily from THE HINDU group of publications
Tuesday, Jan 28, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jan 28, 2003 |
|
|
|
|
|
Home Page
-
Mergers & Acquisitions Info-Tech - Telecommunications Mittals hiking stake in Bharti TeleVentures Ambarish Mukherjee
NEW DELHI, Jan. 27 THE promoters of the Bharti TeleVentures are in the process of pumping in around Rs 25 crore ($5 million) to increase their stake in the company by picking up equity shares from the secondary market through the groups' foreign outfit, Seychelles-based Bharti Global Ltd. The company's formal application to the Foreign Investment Promotion Board (FIPB) has already been cleared by the Department of Telecom, the administrative Ministry, official sources told Business Line. According to information available from Government sources, the foreign subsidiary of the Bharti group intends to pick up close to two per cent stake in the Indian telecom venture. According to the plans, the foreign company would buy the shares of Bharti TeleVentures from the market, which is currently ruling at huge discount compared to the issue price of Rs 45. Currently, the Indian promoters, the Mittals, hold 46.56 per cent stake in Bharti TeleVentures. Total foreign holding in the company as on December 31, 2002, was 46.93 per cent of which 40.20 per cent is held by foreign companies, FIIs hold 5.03 per cent, OCB's hold 1.61 per cent while NRIs hold the remaining 0.09 per cent. With additional two per cent under their fold through the Seychelles-based subsidiary, the promoter's stake in the company will consolidate further. Bharti TeleVentures entered the market last year through the book-building route and the price was determined at Rs 45. However, post-listing the share has moved down to hit a low of Rs 21. The scrip was being quoted at Rs 25.50 when markets closed on Monday.
Article E-Mail :: Comment :: Syndication
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2003, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|