VSNL has sold a 10 per cent equity stake in its Sri Lankan subsidiary, VSNL Lanka, to Sunshine Holding for 75 million Sri Lankan rupees.

VSNL has sold a 10 per cent equity stake in its Sri Lankan subsidiary, VSNL Lanka, to Sunshine Holding for 75 million Sri Lankan rupees.

According to the terms of the deal, Sunshine Holdings also has the option to acquire an additional 5 per cent of VSNL Lanka’s stake in the next 12 months at a fair market value. According to VSNL, apart from unlocking value for shareholders, the deal will enable VSNL Lanka to capitalise on Sunshine Holding’s knowledge and experience in the Sri Lankan market.