The Vodafone Group is considering acquiring a part of the stakes held in Vodafone Essar by two minority shareholders, Asim Ghosh and Analjit Singh.
The two shareholders have already applied to the Foreign Investment Promotion Board for the required approval.
Ghosh, the former managing director of Vodafone Essar, has 4.68 per cent stake in the company held through investment firm AG Mercantile, and intends to sell a part of it for about Rs 3.3 billion. Singh, who has an effective shareholding of 7.58 per cent through three companies, intends to sell a part of his stake for over Rs 5 billion. Following the sale, the stakes held by Ghosh and Singh in Vodafone Essar will come down to 2.39 per cent and 3.87 per cent respectively.
