At a recently held annual general meeting, the shareholders of Sistema Shyam TeleServices have given the green signal to the Russian Federation to pump in $600 million in the company.
The resolution passed at the meeting read, “It has been accorded to offer, issue and allot on a preferential basis in one or more tranches, up to 58.406 crore equity shares of Rs 10 each at a price of Rs 49.31 to the Federal Agency for State Property Management of the Russian Federation.?
The shares would be alloted within 12 months from the date of the shareholders’ approval in the AGM.
The Board of Directors, however, ensured that post this approval, the foreign shareholding in the company would remain within the sectoral cap of 74 per cent as prescribed under the existing FDI policy for the telecom sector.
