Hinduja TMT achieves closure of Hutch stake sale

Hinduja TMT Ltd has announced that the Company alongwith its 100% subsidiary InNetwork Entertainment Ltd (INEL) on August 17, 2006 has completed the sale of its entire stake in Hutchison Essar Ltd.

In terms of the Share Purchase Agreement entered with Hutchison Telecommunications (I) Ltd, the first tranche comprising of USD 231 mn was received on June 30, 2006. The Company and INEL on August 17, 2006 received the balance sale consideration of USD 219 million, With this closure, the entire USD 450 mn has now been received by the respective shareholders of Indusind Telecom Network Ltd, which has a 5.11% stake in Hutchison Essar Ltd.

According to the Executive Chairman Mr. Ashok P Hinduja, "This stake sale has encashed a lot of shareholder value in the company, which will be utilized in the best possible manner to enhance shareholder wealth creation."

Source : Equity Bulls

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