Telenor ups stake in Unitech Wireless to 49%

Unitech Ltd has now announced with reference to the earlier announcement dated March 17, 2009, that Unitech Wireless (North) Pvt. Ltd., Unitech Wireless (South) Pvt. Ltd., Unitech Wireless (Kolkata) Pvt. Ltd, Unitech Wireless (Delhi) Pvt, Ltd., Unitech Wireless (East) Pvt. Ltd., Unitech Wireless (Tamilnadu) Pvt. Ltd., Unitech Wireless (Mumbai) Pvt. Ltd. and Unitech Wireless (West) Pvt. Ltd. (hereinafter collectively referred to as "Unitech Wireless") have on May 19, 2009 received an amount of Rs 1,130 crores (approx.) in aggregate from Telenor Asia Pte Ltd ("Telenor") for acquisition of further 15.5% stake in Unitech Wireless by way of issuance of fresh shares therein. Taking into account 33.5% stake acquired by Telenor in first phase by investing Rs 1,250 crores, the total stake of Telenor in Unitech Wireless shall be 49% of its total issued and paid-up equity share capital.

In addition, Unitech Wireless on May 19, 2009 has received a sum of around Rs. 240 crores from Telenor as share application money for issuance of additional equity shares in Unitech Wireless in order to maintain its stake at 49% level, post conversion into equity of bonds of Rs. 250 crores issued by Unitech Wireless to an Indian shareholder.

The Unitech stock closed the day at Rs.70.90, up by Rs.6.80 or 10.61%. The stock hit an intraday high of Rs.74 and low of Rs.58.60.

The total traded quantity was 44041033 compared to 2 week average of 20610910.

Source : Equity Bulls

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