BPL Mobile Sells 17% Stake To Unknown Mauritius Firm

Quotes

1. “ BPL believes that the capital issuance was not in violation of the operative interim orders of the arbitrator. ”

Entities Mentioned

• Vodafone
• Comments Post
• Citibank
• Essar
• BPL Mobile
• Hutchison Essar

1. Ruia-owned BPL Mobile has sold about 17% stake for $80 million to an unknown Mauritius based fund. In its statement the firm has said that it has issued shares to a Mauritius based company owned by an international institutional fund investing in emerging markets. The statement added that funds raised from this issuance  have been used for BPL Mobile's expansion in Mumbai and its stake in Loop Telecom. BPL Mobile holds a majority stake in Loop which recently won all-India GSM license.
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