Batelco is selling it's 42.7% holding in S Tel to it's partner Sky City Foundation for $175Mn. The sale is expected to be completed by the fourth quarter of this year.
The company had acquired the 42.7% equity in STel via two transactions in May and June 2009 for a total of $174.5Mn.
S Tel Private Limited incorporated on June 19, 2007, is a JV between the Siva Group and Batelco Millenium India Company Ltd., a subsidiary of Bahrain Telecommunications Company. S Tel obtained Unified Access Services Licences to operate in the six Category 'C' circles of Orissa, Bihar, Himachal Pradesh, North-East, Assam and J&K in January 2008.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.