Tata Teleservices has decided to pick up a 50.83 per cent stake in Hughes Tele.com India, the basic telecom operator in Maharashtra, in a share swap deal valued at Rs 5.10 per share. Tata Tele is to issue preference shares to the existing promoters of Hughes Tele.com.
At the present valuation, the size of the deal is estimated at Rs 364.29 crore. However, the cost of the stake could depend on the timing of the redemption of shares by the Hughes Tele.com promoters.
The main shareholders - Hughes Network Systems and the Mittals
