Sahara India Investment Corp Ltd has picked up a stake in one of the new telecom players STel Ltd, according to a report submitted by the Telecom Regulatory Authority of India (TRAI) to the Government.
The report on how the equity structure of all the new licence holders has changed since acquiring licence was submitted by TRAI to the Department of Telecom (DoT).
“At the time of applying the UAS licence, the company (STel) had an equity capital of Rs 18 crore, which was subscribed by Skycity Foundations Pvt Ltd and Telecom Investment (Mauritius) in the ratio of 51 per cent to 49 per cent. As reported by the company, the share capital as on December 2, 2008 has increased from Rs 18 crore to Rs 138 crore. The increase in the share capital has been contributed by the two existing share holders and a third entity — Sahara India Investment Corp Ltd,” said the TRAI report. It is not clear how much share capital is held by Sahara India in STel.
Equity structure changes
In the case of Loop Telecom, the TRAI report said the equity share capital was subscribed by BPL Mobile Communications and BPL Communications at the time of applying for licence. However, the company has issued additional share capital in which a foreign entity (Capital Global Ltd) has contributed. Share capital of Loop Telecom has increased from Rs 130.65 crore to Rs 307.62 crore.
For Shyam-Sistema, the share capital has increased by Rs 2,000 crore after the Russian major increased its stake in the company from 10 per cent at the time of applying for licence to 72 per cent.
Swan Telecom’s equity structure has changed multiple times. At the time of applying for licence, the equity was held by Tiger Trustees and Reliance Telecom. Subsequently, Reliance divested its stake, however the holding of preferential shares by Reliance in Swan is not known.
After Reliance divested its stake, the shares were held by Tiger Trustees and Delphi Investment.
Additional Dynamix Balwas Infrastructure was also having preferential shares in the company. Subsequently, additional shares were subscribed by Etisalat Mauritius Ltd and Tiger Trustees, which has resulted in about Rs 3,500 crore additional capital into the company.
Source: Bloomberg.com