The Department of Telecommunications (DoT) has prepared a draft note for the Empowered Group of Ministers on the price at which Telecommunications Consultants India Ltd (TCIL) should exit its stake in Bharti Hexacomm (BHL).
DoT?s note suggests fixing the base price of the 30 per cent stake of TCIL at a band of Rs 11-15 billion. The valuation has been arrived at by the disinvestment committee of directors in TCIL and is much lower than the Rs 18.01 billion pegged by consultants hired for this purpose.
The draft note has also asked for permission from the EGoM to allow TCIL to ask for bids with a validity of 180 days, with retrospective effect from 13 September. TCIL has to also make an offer to the Bharti group, the majority stakeholder, which can exercise the right to buy the shares within 30 days.
