Mumbai: Essar Securities on Wednesday said that it will sell its stake in Essar Telecom Infrastructure for Rs49 crore to a subsidiary of US-based American Tower Company.
The board of directors has approved to sell its investments comprising of equity shares of Essar Telecom Infrastructure for a consideration of Rs49 crore to Transcend Infrastructure, an Indian affiliate of American Tower Company, Essar Securities said in a filing to the Bombay Stock Exchange (BSE).
Essar Telecom Infrastructure provides passive infrastructure to the telecom service providers.
American Tower Company (ATC) is a leading owner and operator of communications sites for wireless and broadcast industries.
Shares of Essar Securities were trading at Rs73 on the BSE, up 4.96% from previous close.