UBS Securities Asia (Mauritius) sold about 1.75 million shares of Indian telecom services provider Tulip Telecom for Rs 176.01 a share (US$3.93) on the Bombay Stock Exchange, and 1.75 million shares at Rs 176.11 on the National Stock Exchange of India,…
UBS Securities Asia (Mauritius) sold about 1.75 million shares of Indian telecom services provider Tulip Telecom for Rs 176.01 a share (US$3.93) on the Bombay Stock Exchange, and 1.75 million shares at Rs 176.11 on the National Stock Exchange of India, according to Moneycontrol.com.
The report goes on explaining that ICICI Prudential Life Insurance acquired 2 million shares for Rs 176 a share. The 3.5 million shares divested by UBS represent about 2.3% of Tulip’s equity.
A few weeks, Tulip Telecom was reportedly seeking to raise Rs10bn (US$214m) through securities or bonds to fund expansion and acquisitions.
CMD HS Bedi was widely cited, by local reports, as saying that Tulip’s board is considering raising the amount through equity, bonds or qualified institutional placements. However, a time frame or acquisition targets were not disclosed.
