New Delhi: Norway’s Telenor ASA has hiked its stake in Unitech Wireless Ltd, the telecom unit of Unitech Ltd, to 49% through an additional investment of Rs1,130 crore.
Eight units of Unitech Wireless received the additional funds for 15.5% stake from Telenor Asia Pte Ltd, the Asian unit of the Norwegian telecom major, Unitech said in a statement to the Bombay Stock Exchange.
Taking into account 33.5% stake bought by Telenor in the first phase by investing Rs1,250 crore, the total stake of Telenor in Unitech Wireless shall be 49% of the total issue and paid-up equity share capital, the company said.
Real estate major Unitech sold 67.25% stake in Unitech Wireless to Telenor for around Rs6,120 crore. Telenor got a larger stake (67%) instead of the planned 60% in Unitech Wireless earlier this year “largely due to the macroeconomic development since the deal was made.”
The next round of investment will come in the next two to three months, company officials said
“The ownership share will increase from 60 to 67.25% for the same capital injection,” Telenor had earlier said.