Telenor acquires 49 pc stake in Unitech Wireless

Telenor acquires 49 pc stake in Unitech Wireless

Norway's Telenor has acquired another 15.5 per cent stake in Unitech Wireless, the telecom arm of realty major Unitech, for Rs 1,130 crore (Rs 11.3 billion/$237 million), taking its shareholding in the Indian company to 49 per cent, it was announced on Wednesday.

"Unitech Wireless on May 19, 2009, received an amount of Rs 1,130 crore in aggregate from Telenor Asia Pte Ltd for acquisition of further 15.5 per cent stake in Unitech Wireless by way of issuance of fresh shares," the Indian telecom operator said in a regulatory statement.

Earlier, Telenor had paid the first installment of Rs 1,250 crore (Rs 12.5 billion) for acquiring 33.5 per cent stake in Unitech Wireless.

Unitech Wireless received Rs 240 crore (Rs 2.4 billion) from Telenor May 19 as share application money for issuance of additional equity shares.

Telenor had said in March it would pick up 67.25 per cent stake in Unitech Wireless, more than the previously stated 60 per cent, for Rs 61.2 billion.

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