Sistema Shyam TeleServices Ltd (SSTL) today announced the allotment of shares to the Russian Federation. The company issued 54,73,12,918 equity shares to the Federal Agency for State Property Management of the Russian Federation ("Rosimushchestvo") against the funds equivalent of INR 26,988 million (i.e. US$ 600 million approx) received in December 2010.
According to Vsevolod Rozanov, President and CEO, Sistema Shyam TeleServices Ltd “We at SSTL are delighted to have received an over whelming response from all our existing shareholders to the rights issue. Additionally, with formalities relating to the allotment of equity shares to the Russian federation also getting completed, it truly represents a major milestone. Both these developments are a testament to the faith reposed by all the shareholders in our company, which now has over 10 million customers. Going forward, the challenge is to further accelerate the proliferation of our telecom services nationally, in sync with our data centric, voice enabled strategy.”
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