The Russian government will acquire 19.8 per cent stake in Sistema Shyam Teleservices Ltd (SSTL), a joint venture between Russia-based Sistema Group and Shyam Group for $676 million (Rs 3,150 crore).
The deal values the joint venture that has 2.8 million subscribers and licence and wireless spectrum for the whole country, at around $3.4 billion.
A shareholders’ meeting approved the issue of fresh shares at Rs 49.31 a share to the Russian government and at the face-value of Rs 10 to the Indian promoters, the JV said in a statement.
SSTL will sell 662.7 million shares to Russia’s state property management agency and 228.5 million to Indian shareholders to ensure that the local stakes do not fall below the legal minimum of 26 per cent.
Sistema’s stake in the joint venture will come down to 54.2 per cent from 74 per cent after the deal, while the Shyam group would continue to have 23.5 per cent equity. About 2.5 per cent is held by minority Indian shareholders.