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2G Scam Verdict: Batelco Exits STel

Following the Supreme Court order cancelling 122 licenses of 22 operators, Bahrain Telecom, which owns about 42.7% stake in Indian telecom operator STel has exited the venture by selling its shares at a price of $175 million back to STel, reports Moneycontrol. Batelco had formed a special purpose vehicle with Dubai based Millennium Private Equity to acquire 49% stake in S Tel for $225 million in 2009, wherein the company had invested $175 million with the rest being invested by the PE firm.The sale is expected to be completed in October 2011. Batelco said that it had expressed an intent to sell for the stake sale, last year and had an understanding with S Tel for the same, given the circumstances surrounding the 2G probe in India over the past 12 months.  It had entered into an agreement with the company in…

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