Telenor now holds 49pc stake in Unitech Wireless

MUMBAI, INDIA: Norway-based Telenor completed the acquisition for a 49 per cent stake in Unitech Wireless.

Unitech Wireless said that it received a sum of around Rs 1,130 crore in aggregate from Telenor Asia Pte Ltd on May 19, for acquisition of further 15.5 per cent per cent stake in Unitech Wireless by way of issuance of fresh shares therein.

Taking into account 33.5 per cent stake acquired by Telenor in the first phase by investing Rs 12.50 billion, the total stake of the Norwegian company in Unitech Wireless shall be 49 per cent of its total issued and paid-up equity share capital, Unitech said in a statement to the Bombay Stock Exchange.

In addition, Unitech Wireless has received a sum of around Rs 2.4 billion from Telenor as share application money for issuance of additional equity shares in order to maintain its stake at 49 per cent, post conversion into equity of bonds of Rs 2.5 billion issued by Unitech Wireless to an Indian shareholder, it added.

Meanwhile, Unitech is in the process of selling a 67.25 per cent stake in Unitech Wireless to Telenor for around Rs 61.2 billion, 'The Wall Street Journal' reported.