DoT objects to TCIL`s stake sale in Bharti Hexacom
Press Trust Of India / Mumbai October 12, 2006
The department of telecommunications (DoT) has asked Telecom Consultants India Ltd (TCIL) not to divest its stake in Bharti Hexacom Ltd (BHL), Rajasthan’s largest cellular operator.
In a letter to TCIL, DoT said TCIL should not divest its 30 per cent equity. It asked TCIL to subscribe to the rights issue offered by BHL to the fullest extent and fund it from internal resources.
TCIL intended to disinvest its 30 per cent stake in BHL and had invited bids for the same as it wanted to quit the cellular business.
Sunil Mittal’s Bharti group,which has a 67.5 per cent stake in BHL, has made a bid to acquire an additional 30 per cent stake. Shyam group, the original promoters, has also bid to acquire TCIL’s stake.
DoT objects to TCIL`s stake sale in Bharti Hexacom
Press Trust Of India / Mumbai Oct 12, 2006, 23:27 IST
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