'Unitech Wireless promoters 'gained' Rs 2,342 cr'

Promoters of Unitech Wirless, the company which benefited the most in the 2G spectrum allocation scam, gained Rs 2,342 crores, the CBI told a special court in its charge sheet against former Telecom Minister A Raja, besides eight others and three telecom companies.

The investigating agency said a subscription agreement on October 28, 2008 between various Unitech group companies and others had decided to infuse extra equity in the companies for 66.5% stake.

Unitech Group in joint venture with Norway's telecom major Telenor had started its service in telecom business under the name of Uninor.

"Investigation has also revealed that a subscription agreement dated October 28, 2008 between various Unitech group of companies, their holding companies and M/s Telenor Asia Pte. Ltd and Telenor Mobile Communications AS, Telenor agreed to infuse extra equity into the companies for 66.5% stake.

"The pre-money enterprise values of the company was pegged at Rs 4,400 crores of which Rs 1146.7 crores was external debt and Rs 773 crore as shareholders loans. Net pre-money equity value of the promoters was treated as Rs 2,480 crores. Accordingly, the investment consideration of Telenor was kept at Rs 5,093 crores.

"Actual investment of promoters in equity was Rs 138 crores, which was valued at Rs 2,480 crores, indicating a gain of Rs 2,342 crores to promoters of M/s Unitech Wireless," the CBI said in its charge sheet filed yesterday.

The CBI further said that M/s Telenor Asia Pte. Ltd subscribed to over 34 crore shares of the company (Unitech) between March 20, 2009 to February 22, 2010. These shares were alloted at Rs 6,135 crores.

"The total number of shares held by Unitech group in eight group companies of Unitech Wirless, prior to the agreement with Telenor was 13.80 crores. At a premium of Rs 169.731, the total premium amount/ gain to the Unitech Group as such comes at Rs 2,342 crores, which is the same amount as arrived at according to the agreement," the charge sheet said.

The eight group companies of Unitech Wireless were -- Aska Project Ltd, Nahan Properties Pvt Ltd, Unitech Builders and Estates Pvt Ltd, Unitech Infrastructure Pvt Ltd, Azare Properties Ltd, Adonis Projects Pvt Ltd, Hudson Properties Ltd and Volga Properties Pvt Ltd.

These companies were renamed after these got UAS licences from DoT as Unitech Wireless group companies, CBI said, adding that the eight companies were merged into Unitech Wireless (Tamil Nadu) Pvt Ltd.