Hinduja group company Hinduja TMT Ltd said on Thursday it has completed the sale of its entire stake in Hutchison-Essar Ltd for over Rs 2,089 crore (Rs 20.89 billion).
The company, along with its 100 per cent subsidiary InNetwork Entertainment Ltd, completed the sale of its entire holding in Hutchison-Essar on Thursday, it informed the Bombay Stock Exchange.
As per the share purchase agreement signed with Hutchison Telecommunications (I) Ltd, Hinduja and INEL received the first tranche comprising $231 million (Rs 1,072 crore or Rs 10.72 billion) on June 30 and the balance sale consideration of $219 million (Rs 1,016 crore or Rs 10.16 billion) was received on Thursday.
"This stake sale has encashed a lot of shareholder value in the company, which will be utilised in the best possible manner to enhance shareholder wealth creation," Hinduja TMT Executive Chairman Ashok P Hinduja said.
With the completion of the stake sale, the entire $450 million has now been received by the respective shareholders of IndusInd Telecom Network, an SPV which held a 5.11 per cent stake in Hutchison Essar, the company said.
Earlier in June, Hinduja TMT had entered into a definitive agreement for selling the entire stake in IndusInd Telecom Network to Hutchison Telecommunications (India) Ltd, an indirect wholly owned subsidiary of the Hutchison Telecommunications International Ltd, for an aggregate all cash consideration of $450 million.
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