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Telecom Round Up: Telenor-Unitech Funds, SEBI DoCoMo-TTML, Swan Rollout

Telenor Buying Unitech With Short Term Debt: Consenting to its investors demands, Telenor has cancelled plans of a share issue to fund its purchase of 60% stake in Unitech Wireless, following resistance from investors. The company has, instead, taken up a three year loan worth 8 billion Norwegian Kroner ($1.19 billion) to acquire the stake for $1.07 billion, according to an official statement. More on the Unitech-Telenor deal here and here.

SEBI Instructs DoCoMo to Raise Offer Price of TTML: DoCoMo’s open offer for 20 percent stake in Tata Teleservices Maharashtra Ltd is facing further delays. Securities Exchange Board of India (SEBI) has instructed the Japanese telecom major to increase its offer price for the indirect acquisition to be in line with Tata Teleservices’ valuation. DoCoMo paid Rs 20,107 per subscriber when it purchased a 26 per cent stake in Tata Teleservices (TTSL) for Rs 13,070 crore in November 2008. The offer price of Rs 24.70 by DoCoMo values TTSL at Rs 9,200 per subscriber. Since both TTSL and TTML are operating in India and are engaged in the same vertical, the valuation for indirect acquisition should also be the same as direct acquisition, the regulator is said to have directed, according to a Business Standard report. DoCoMo has announced the Rs 949 crore open offer for a 20 per cent stake in the firm has been postponed.

Swan Talks of Roll Out: Swan Telecom has been in the glare of publicity ever since it commenced. Without any experience in the sector and no customers, it received spectrum for 13 circles, sparking accusations of a bias on the part of the telecom ministry. Then it landed a $900 million deal for a 45 percent stake by the Middle East telecom operator Etisalat and its valuation rose to $2 billion. Swan Telecom has reacted to controversies about it by announcing that it will roll out its GSM services between April and June. It plans to share network infrastructure to save operational costs, holding company Dynamix Balwas’ marketing vice president Ruth Varsulkar has said in a report.

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    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ