Hinduja TMT completes Hutch stake sale

New Delhi, Aug 17: Hinduja TMT today said the company alongwith its wholly owned subsidiary InNetwork Entertainment Ltd (INEL), has completed the sale of its entire stake in Hutchison Essar Ltd.

The company and INEL received the balance sale consideration of 219 million dollars.

''This stake sale has encashed a lot of shareholder value in the company, which will be utilised in the best possible manner to enhance shareholder wealth creation,'' company's Executive Chairman Ashok P Hinduja said.

With this closure, the entire 450 million dollars has now been received by the respective shareholders of Indusind Telecom Network Ltd, which has a 5.11 per cent stake in Hutchison Essar Ltd, a company statement said.

In terms of the share purchase agreement entered with Hutchison Telecommunications (I) Ltd, the first tranche comprising of 231 million dollars was received in June.

UNI