Sistema Shyam clears $750 mn share sale

Sistema Shyam clears $750 mn share sale

Moscow: Sistema Shyam Teleservices, the Indian mobile unit of Russian oil-to-telecoms group Sistema, has approved a new share issue that could raise nearly $750 million (Rs3,502.5 crore), Sistema said on Thursday.

The firm plans to sell 662.7 million shares to Russia’s state property management agency as part of India’s debt settlement scheme, and 228.5 million to its existing Indian shareholders.

The price for Indian shareholders was set at face value, or Rs10 per share, while the Russian government will pay Rs49.31.

The proposal to sell shares to the Russian government was recently cleared by the Foreign Investment Promotion Board.

(‘PTI’ contributed to this story.)