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HindustanTimes Thu,17 Apr 2014

UNITECH moves to block uninor’s issue

HT Correspondent, Hindustan Times   July 26, 2012
First Published: 20:31 IST(26/7/2012) | Last Updated: 20:34 IST(26/7/2012)

With Unitech opposing a plan of the Unitech Wireless (Tamil Nadu) Pvt Ltd to raise Rs. 1,200 cr through rights issue, the company has once again clashed with Telenor head on. Unitech Wireless runs mobile services in 13 states under the Uninor brand.

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In a letter to the foreign investment promotion board (FIPB), Unitech has said that the Norwy-based giant had not obtained its consent towards securing the funds through rights issue.

It urges FIPB not to clear the application, as the issue is under arbitration.

Earlier, Uninor had informed the FIPB that all the board members have given their nod to the rights issue.

“The issue of rights offer was not even an agenda item in the meeting on May 23. There was only some discussion on the rights issue. No decision was made, especially since the proposed rights issue is a matter of arbitration between the shareholders. It is wrong, however, to portray this as the rights issue being a decisions item  approved at the meeting,” said the letter.

Unitech also said that Telenor wanted to bring in a new Indian partner to bid for spectrum in the coming auction.

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