MUMBAI: Hinduja TMT Ltd has announced that the company with its two wholly owned subsidiaries namely InNetwork Entertainment Ltd (INEL) & Pacific Horizon Ltd (PH) and Hinduja Group's Mauritius based company Kumbat have, pursuant to approval by the company board on June 30, 2006, have entered into a definitive agreement for selling their entire 100 percent stake in IndusInd Telecom Network Ltd, an SPV holding 5.11 percent of the issued share capital of Hutchison Essar Ltd (HEL), to Hutchison Telecommunications (India) Ltd (HT India), an indirect wholly owned subsidiary of the Hutchison Telecommunications International Ltd for an aggregate all cash consideration of $ 450 million. IndusInd Investment Bank acted as the sole financial advisor to the deal. Prior to this sale, the company completed the acquisition of the entire shareholding of Sumitomo Corporation in Pacific Horizon due to which the company's effective shareholding in HEL increased from 3.45 percent to 4.68 percent. Commenting on the sale Ashok P Hinduja, Executive Chairman, of the company said, a board decided to monetize its investment in HEL to unlock the value for its shareholders and accepted the offer made by HTIL. The proceeds from the divestment of this stake sale will not only help the company to aggressively pursue its growth path in its businesses but will also enable it to explore opportunities in new lines of businesses. © CyberMedia News
Eco-friendly IT process not only makes a good environment sense, but also a very good business sense. Join us in this initiative that protects nature and your business.
know more..
