Essar Securities to sell stake in Essar Telecom to ATC's unit

MUMBAI: Essar Securities on Wednesday said it will sell its stake in Essar Telecom Infrastructure for Rs 49 crore to a subsidiary of US-based American Tower Company.

The board of directors has approved to sell its investments comprising of equity shares of Essar Telecom Infrastructure for a consideration of Rs 49 crore to Transcend Infrastructure, an Indian affiliate of American Tower Company, Essar Securities said in a filing to the Bombay Stock Exchange.

Essar Telecom Infrastructure provides passive infrastructure to the telecom service providers.

American Tower Company (ATC) is a leading owner and operator of communications sites for wireless and broadcast industries.

Shares of Essar Securities were trading at Rs 73 on the BSE, up 4.96 per cent from previous close.