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VSNL to divest stake in satellite companies. (Satellite).(Brief Article)

India Telecom, June, 2002

VSNL has decided to divest itself of around 75 percent of its stake in the satellite company Intelsat and 100 percent stake in Inmarsat. VSNL has a 5.6 percent stake in Intelsat. The offer price for each share had been set at around $21, sources said. In Inmarsat, VSNL has a stake of around 3.2 percent and the offer price has been set at around $11.

A telecom industry official said VSNL had received approval from its board for divesting part of its stake in these two companies. The Tatas, who bought a 25 percent stake in VSNL, declined to comment on a questionnaire sent to them. The move comes close on the heels of the controversy over VSNL's decision to invest in the share capital of Tata Teleservices.

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