Russian firm Sistema is still considering listing its Indian JV Sistema Shyam TeleServices.
Sergey Cheremin, deputy chairman of board of directors at Sistema, is cited as saying that the company is in communion with banks and is waiting for conducive…
Russian firm Sistema is still considering listing its Indian JV Sistema Shyam TeleServices.
Sergey Cheremin, deputy chairman of board of directors at Sistema, is cited as saying that the company is in communion with banks and is waiting for conducive market conditions before undertaking an IPO.
The board has approved the IPO, although pricing and percentage are still undecided. In addition, Cheremin said that the Russian state’s proposed capital injection of US$677m into the firm in return for a 20% stake could take place in the first half of this year. The process is part of a Soviet-era debt pact with the Indian State.
Sistema holds 73.71% in the Sistema Shyam TeleServices while Shyam Group holds 23.79%. The remainder is held by minority shareholders.
