Telenor completes 49% stake buy in Unitech Wireless

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Norway-based Telenor today completed the acquisition for a 49 per cent stake in Unitech Wireless as it paid Rs 1,130 crore in the second tranche for a further 15.5 per cent stake in the company.     

"Unitech Wireless on May 19, 2009, received an amount of Rs 1,130 crore in aggregate from Telenor Asia Pte Ltd for acquisition of further 15.5 per cent stake in Unitech Wireless by way of issuance of fresh shares," Unitech Wireless said in a filing to the Bombay Stock Exchange.    

Earlier, Telenor had paid first instalment of Rs 1,250 crore for acquiring 33.5 per cent stake in Unitech Wireless, a new player in the lucrative Indian telecom sector. Accordingly, the total stake of Telenor in the company has increased to 49 per cent.     

Further, Unitech Wireless on May 19, has received Rs 240 crore from Telenor as share application money for issuance of additional equity shares in Unitech Wireless in order to maintain its 49 per cent stake.     

Telenor will inject a total of Rs 6,120 crore into Unitech Wireless which will result in its 67.25 per cent shareholding (subject to regulatory approval) in the company.