Sistema increases Shyam Telelink stake to 73.1%

18 Jun 2008

Russian services conglomerate Sistema has confirmed that it has increased its stake in Indian mobile operator Shyam Telelink to 73.71% from 72%. Sistema, majority owned by billionaire Vladimir Yevtushenkov, acquired a 51% stake in Shyam Telelink earlier this year and entered into a call option agreement which gave it the right to raise its stake to a maximum of 74%. Sistema said the last increase of its stake in Shyam Telelink was the result of its participation in the Indian company’s charter capital increase worth USD470 million, with Sistema’s contribution amounting to USD348 million.

India, Sistema Shyam TeleServices (SSTL, MTS India)