VSNL sells 10% equity in its Sri Lanka subsidiary

New Delhi, Dec 26 (UNI) Videsh Sanchar Nigam Limited (VSNL), one of the world's largest providers of wholesale international voice services, today said it has sold 1,517 936 shares representing 10 per cent of the paid up capital in its wholly-owned subsidiary VSNL Lanka Limited to Sunshine Holdings PLC.

The shares have been acquired by the Sri Lankan conglomerate for Sri Lankan Rupees 75 million, with the company having the option to acquire an additional five per cent of VSNL Lanka's share capital in the next 12 months at fair market value, the company said in a statement.

''This partnership with Sunshine Holdings PLC will enable VSNL Lanka to capitalise on our partner's intimate knowledge of and experience in the Sri Lankan market. This is also part of our attempt to unlock value for our shareholders in an appropriate manner, said CFO, VSNL, Rajiv Dhar.

A member of the 29 billion dollar Tata Group,VSNL trough its subsidiary has been offering international voice and data services in Sri Lanka through an External Gateway Operator's licence since February 2004.

UNI