Shyam Telecom surges 10% on Sistema’s investment plans
Shares of Shyam Telecom were locked at the upper circuit on media reports that Sistema plans to invest $1 billion in India.
By INDIATIMES NEWS NETWORK |
MUMBAI: Shares of Shyam Telecom were locked at the upper circuit on media reports that Sistema plans to invest $1 billion in India. The Russian telecom major recently got Foreign Investment Promotion Board’s nod to acquire 51 per cent stake in Shyam Telelink, a group company of the listed Shyam Telecom.
Sistema plans to invest $500 million for a pan-India licence and another $500 million for cellular networks across the country.
Shyam Telelink, which offers CDMA-based telecom services in Rajasthan, recently applied for pan-India GSM licence.
The company is amongst the 22 set to be awarded letters of intent for launching telecom services in the country, according to The Economic Times.
After the LoIs have been issued, it will have to pay Rs 1,651-crore licence fee for the pan-India licence. Shyam will be entitled to 4.4 MHz of GSM spectrum per circle, subject to availability, the report says.
The Shyam Telecom stock was at Rs 139.60, up 10 per cent on volume of 87,341 shares. The share has surged 52 per cent in the past one month.
Sistema plans to invest $500 million for a pan-India licence and another $500 million for cellular networks across the country.
Shyam Telelink, which offers CDMA-based telecom services in Rajasthan, recently applied for pan-India GSM licence.
The company is amongst the 22 set to be awarded letters of intent for launching telecom services in the country, according to The Economic Times.
After the LoIs have been issued, it will have to pay Rs 1,651-crore licence fee for the pan-India licence. Shyam will be entitled to 4.4 MHz of GSM spectrum per circle, subject to availability, the report says.
The Shyam Telecom stock was at Rs 139.60, up 10 per cent on volume of 87,341 shares. The share has surged 52 per cent in the past one month.
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