 The proposed move by the Russian government to acquire 20% stake in SSTL (Sistema Shyam Teleservices) received DoT approval without any hurdles making it one of the very few clean deals in the Indian telecom space.
"SSTL (Sistema-Shyam Telecom Ltd) is permitted to bring in foreign equity by issue of fresh shares as per the Lock-In principles of the DoT,'' said DoT to FIPB (foreign investment promotion broad).
The Russian government has desired interest to acquire 20% stake in SSTL for $ 676 million valuing the JV at over $3.5 billion. The stake will be acquired in form of subscription of up to 66.27 crore fresh equity shares of nominal value of Rs 10 a share at the rate of Rs 49.31 per share.
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