NEW DELHI: The deal between Norwegian mobile operator Telenor and Unitech Wireless has been closed where the former would now hold 67.25 per cent in the new telecom licensee (subject to regulatory approval).
“Telenor and Unitech have agreed to proceed with completion of the transaction with certain adjustments. While Telenor’s initial investment under the agreement will continue to be the previously agreed Rs. 6,120 crore, it has been agreed that Telenor, after this investment, would be holding 67.25 per cent in Unitech Wireless (subject to regulatory approval). Upon completion of the first phase of the investment, Telenor’s ownership percentage will be 33.5 per cent,” an official statement said. Earlier in October last, Telenor had executed an agreement to acquire a controlling interest (60 per cent) in Unitech Wireless, through subscription for new shares, but it has now gone up following a fall in Unitech Wireless’ share value.
The subscription for new shares in Unitech Wireless will, as previously announced, be completed in four phases.