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This is an archive article published on June 21, 2006

Citigroup buys 6.3 stake in VSNL

Citigroup, the world8217;s largest financial services company, and its affiliates have increased their stake in internet and telecommunications major Videsh Sanchar Nigam VSNL to 6.3 from 1.5.

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Citigroup, the world8217;s largest financial services company, and its affiliates have increased their stake in internet and telecommunications major Videsh Sanchar Nigam VSNL to 6.3 from 1.5.

After the acquisition, Citi and affiliates hold over 18.6 million shares of VSNL. The stake was hiked by way of buying VSNL8217;s American Depository Receipts ADRs listed on the New York Stock Exchange, Citigroup said in a filing with the US Securities and Exchange Commission SEC.

The market value of the stake is around Rs 600 crore.

The top brass of VSNL were in the US during the past couple of weeks, and were in discussions with investors. However, it could not be confirmed whether the sale of ADRs had anything to do with the meetings.

Before this transaction, Citi was holding 1.53 per cent in the company. Currently, Tata group owns 44.25 per cent stake in VSNL and the government of India owns 26 per cent while institutional investors holds 19.14 per cent.

 

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