Essar close to buying out all BPL Mobile investors.
Economic Times (New Delhi, India), May, 2005
Byline: Manoj Gairola
May 20--NEW DELHI -- The Ruias' call has got through. Essar and its associate companies have signed agreements with almost all the shareholders of BPL Mobile to acquire their equity at an enterprise value of $1bn. This ends the uncertainty over the sale of BPL Mobile.
As part of the agreement, all the shareholders will have to withdraw their court cases. Most of the shareholders are currently engaged in a litigation over the control of the company's assets. With a debt of $600m in BPL's books, the net value of the deal is $400m.
"Financial transactions will be completed by the end of this month or latest by the first week of June," said an official involved in the deal. Some formalities with BPL's main banker, ICICI...
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