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SSTL receives Rs.1280 cr to improve telecom operations
TT Correspondent |  |  12 Jan 2012

Sistema Shyam TeleServices Limited (SSTL) that nationally operates its telecom services under the MTS brand with over 15 million wireless customers, on Thursday announced the raising of a loan amounting to INR 1280 Crore through Non Convertible Debentures (NCD). Deutsche Bank is the lead banker of the issue.

 

The entire amount of Rs.280 Crore has been received by SSTL. The 8 year Debt is payable by 2019.

 

“It was quite challenging to raise such significant funds with such long tenor under current uncertain regulatory environment in India, but business has to continue and grow. This is the next step after raising INR 920 Crore loan from Barclays Bank and ICICI Bank in September last year and we currently have several other facilities in pipeline”, said chief financial officer of Sistema Shyam Teleservices Ltd.

 

“We are planning to utilize the proceeds to further scale up our telecom operations and repayment of maturing loan. Adding further, Sergey said “We are very thankful to our banking partner – Deutsche Bank for its trust and support.”

 

Sistema Shyam TeleServices Ltd. (SSTL) is a venture, involving equity participation by Sistema Joint Stock Financial Corporation of Russia (“SISTEMA JSFC”), the Russian Federation and the Shyam Group of India. Sistema JSFC is the majority shareholder in the Company. Approximately 2.5% equity stake is held by public. The company has been awarded Unified Access Services License (“UASL”) by the Department of Telecommunication, Government of India to provide telecom services across all 22 telecom circles of India.

 

With a strong focus on its “Data Centric; Voice Enabled” strategy, SSTL is one of the fastest growing telecom companies in the Indian telecom market and is one of the top three data service providers in the country. The Company nationally provides telecom services under the brand MTS to 15 million wireless subscribers including more than 1,200,000 High Speed Mobile Broadband customers in over 200 cities across the country. MTS is well recognized in India and worldwide for its commitment to high quality and innovative telecom solutions. MTS has recently been ranked by Millward Brown as 80th most valuable brand in the World.

    
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12 Jan 2012(IST)  
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