Valiant Communications has announced to sell 60 percent of its total shareholding in its US subsidiary Valiant Communications and Technologies Inc to US based Orion Telecom Networks for a consideration of $390,000 or close to Rs19.5 lakhs.
The valuation is above its present fair value and the company has given a further option to Orion Telecom to purchase an additional 10 per cent shareholding at the same price, Vliant informed the stock exchanges.
The whole transaction will be settled through cash transaction. The US subsidiary was divested due to the difficult present condition of USA economy and prevailing business environment in USA, said the company
Source: Business-Standard