Essar to buy Max stake in Hutch for Rs 657 cr

Max Telecom Ventures Ltd (MTVL) has decided to sell its entire 3.16 per cent stake in Hutchinson Essar Telecom to Essar Teleholdings Ltd for...

Max Telecom Ventures Ltd (MTVL) has decided to sell its entire 3.16 per cent stake in Hutchinson Essar Telecom to Essar Teleholdings Ltd for Rs 657 crore at the sale price of Rs 607 per share in an all cash deal, a company release said on Tuesday.

Max Telecom Ventures Ltd has signed an MoU in this regard.

The proposed sale is subject to ratification and approval by the board of Max India Ltd, the release added.

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Max India Ltd holds a 60.8 per cent stake in MAX Telecom Ventures Ltd while the remaining 39.2 per cent stake is held by IL&FS Trust Company Ltd.

Max India holds a 60.8 per cent stake in Max Telecom Ventures.

PM Modi gets invite from Trump, Sisi to attend Sharm-el Sheikh Gaza peace summit tomorrow

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