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New Delhi, Sept. 10 Essar Group-backed BPL Mobile on Tuesday said it has sold about 17 per cent equity stake to a Mauritius-based equity fund for $80 million.

The equity sale comes even as an arbitration panel restrained Essar from diluting equity in BPL, including Loop Telecom.

Loop is a majority owned subsidiary of BPL Mobile that has recently acquired All-India mobile licences and paid over Rs 1,400 crore as license fees. BPL said that the capital issuance was not in violation of the operative interim orders of the arbitrators.

At their hearing on September 5, the arbitrators had asked BPL Mobile and its shareholders to maintain status quo in BPL Mobile – no fresh issuance of equity by BPL Mobile and no sale of its existing shares in Loop to be made without their approval.

More Stories on : Telecommunications | Foreign Institutional Investors

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