State-run Telecommunications Consultants India Ltd (TCIL) today said it would exit from its joint venture (JV) with Bharti Hexacom Ltd by selling its 30 per cent stake in the company.
For the purpose of disinvestment from Bharti Hexacom, TCIL has appointed Deloitte Touche Tohmatsu India Pvt Ltd as the financial advisor.
“TCIL intends to disinvest its equity represented by 7.50 crore equity shares of nominal value of Rs 10 each, aggregating to 30 per cent of the total paid up equity share capital in Bharti Hexacom to an investor,” TCIL said in a public announcement today.
Currently, Bharti Airtel holds 70 per cent and TCIL holds the remaining 30 per cent in Bharti Hexacom.
In August 2009, the Cabinet Committee on Economic Affairs (CCEA) gave a go-ahead to the sale of 30 per cent stake in Bharti Hexacom that the government holds through TCIL.
The paid-up share capital of Bharti Hexacom is Rs 250 crore, comprising 25 crore equity shares of Rs 10 each.