Analjit Singh, the original promoter of Hutchison Max Telecom, along with Telecom Investments India has purchased 8.33 per cent stake in the mobile company from Kotak Mahindra Bank

The original promoter of Hutchison Max Telecom, Analjit Singh, along with Telecom Investments India has reportedly purchased 8.33 per cent stake in the mobile company from Kotak Mahindra Bank for Rs 10 billion. With this, the total (direct and indirect) foreign shareholding in Hutchison Essar is down to the permitted 74 per cent. Earlier, DoT had raised the issue of the foreign holding in Hutchison Essar Limited (HEL) exceeding the 74 per cent limit due to the indirect holding. The sale consideration is based on an underlying value of $6 billion for HEL, adjusted for debt and preference share liabilities in the companies that hold HEL shares.