Vodafone, which acquired controlling stake in mobile firm Hutch-Essar, today said it will transfer its 5.6% stake in Bharti Airtel back to the Indian mobile leader by November next year.
Following acquisition of control in Hutch-Essar for $10.9 billion in cash, Vodafone had entered into a share sale agreement with Bharti regarding its 5.6% equity holding in the company.
"The shareholding will be transferred in two tranches, the first before March 31, 2008 and the second by November 2008," Vodafone said in a statement after announcing its annual results for the year ended March 31.Vodafone completed the purchase of the Hutch-Essar stake from Hong-Kong based Hutchison Telecom International (HTIL) on May 8.
Read more in The Business Standard article.
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