The Foreign Investment Promotion Board (FIPB) has deferred a decision on Uninor?s Rs 12 billion rights issue due to security clearances pending from the Ministry of Home Affairs.
The Ministry of Home Affairs is yet to provide security clearances to Uninor with respect to Telenor?s operations in Pakistan.
FIPB has also asked Uninor to respond to the concerns raised by its joint venture partner Unitech regarding the rights offer.
Earlier, Uninor had approached FIPB to raise funds through a rights issue to meet its operational expenses in the country. However, Unitech opposed its move on the grounds that Uninor did not seek consent of its board members to launch the rights issue.
