Intelsat acquisition boosts VSNL

DALAL STREET SPIKES

The Videsh Sanchar Nigam Ltd (VSNL) counter was in the limelight on Tuesday, rising 9.52 per cent to close at Rs 173.15.

The counter hit an intra-day high of Rs 176.80 on reports that four private equity firms have agreed to buy out Intelsat, in which the telecom service provider holds a 5.4 per cent stake, for $3 billion.

Hectic buying on the counter began, once the news spread that the VSNL's holding in Intelsat is expected to get Rs 780 crore from the stake sale.

VSNL informed the bourses vide its letter inter-alia stating, "In this regard we would like to inform you that VSNL has not yet received any official communication from Intelsat in this regard. In the eventuality of any communication being received from Intelsat, VSNL will consider the same appropriately."