Sistema Shyam Teleservices, the Indian mobile unit of Russian oil-to-telecoms group Sistema, has approved a new share issue that could raise nearly 35 billion rupees ($750 million), Sistema said on Thursday.
The company plans to sell 662.7 million shares to Russia's state property management agency as part of India's debt settlement scheme, and 228.5 million to its existing Indian shareholders.
The price for Indian shareholders was set at face value, or 10 rupees per share, while the Russian government will pay 49.31 rupees, Sistema said in a statement.
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