Norwegian telco Telenor has asked an Indian court to lift a stay on a rights issue for its Indian JV Uninor, according to media reports.
The company was quoted saying that the rights issue would have been used for funding requirements.
But citing a…
Norwegian telco Telenor has asked an Indian court to lift a stay on a rights issue for its Indian JV Uninor, according to media reports.
The company was quoted saying that the rights issue would have been used for funding requirements.
But citing a company statement, reports wrote that Indian real estate group Unitech, which holds 32.75% of Uninor, blocked the transaction as not being in the best interests of the shareholders.
Unitech could not be reached for comment before the press deadline while Telenor did not respond to emails and phone calls.
Late last year, Telenor announced plans to improve Uninor’s performance by delaying additional capex until revenues improve, focusing on street-level market activities, and improving the distribution model. For the whole of 2010, Uninor posted an EBIDTA loss of NOK4.246bn (US$759m).
