Financial Daily from THE HINDU group of publications
Thursday, Aug 22, 2002
Financial Daily from THE HINDU group of publications Thursday, Aug 22, 2002 |
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Mergers & Acquisitions Info-Tech - Telecommunications Corporate - Mergers & Acquisitions Tata Tele seeks nod to buy 31 pc Hughes Tele stake Ambarish Mukherjee
NEW DELHI, Aug. 21 TATA Teleservices Ltd (TTSL) has moved the Foreign Investment Promotion Board (FIPB) seeking permission for acquiring 44,08,24,709 equity shares of face value of Rs 10 each of Hughes Tele.com India Ltd (HTIL) accounting for 31.37 per cent stake in the company from its foreign partners. Hughes Electronics Corporation (HEC) of the US, First HNS Mauritius Ltd (First HNS), Kellerton Ventures Corporation (Kellerton) based in British Virgin Island and Alltel (Mauritius) Holdings Inc (Alltel) currently hold these shares. TTSL has also sought FIPB's permission for issue of equivalent number of 0.1 per cent non-cumulative convertible redeemable preference shares of TTSL of face value of Rs 10 each to the sellers as purchase consideration for the acquisition. The Tata group outfit has also sought permission from FIPB to issue certain number of redeemable preference shares and warrants of TTSL to HNS pursuant to the Assignment of Receivables Agreement with HNS, HTIL and TTSL two months ago. TTSL is the basic telecom services provider in the telecom circles of Tamil Nadu, Karnataka, Andhra Pradesh, Gujarat and New Delhi and is also licensed as an ISP.
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