Shyam Telecom up 11% on news of Sistems`s stake acquisition in group co.
Active Stock: Shyam Telecom up 11% on news of Sistems`s stake acquisition in group co. Shares of Shyam Telecom (Q, N,C,F)* surged 11% at the BSE, after the company announced that Russian telecom firm Sistema, picked up 10% stake in Shyam Telelink (a group company), for USD 11.4 million. >Shares of the company were last trading up Rs 10.55, or 10.94%, at Rs 107, against the previous day`s close of Rs 96.45. A total of 532,837 shares changed hands at the BSE. (1.09 p.m, Thursday) Sistema is planning to increase its stake in Shyam Telelink to 51% after receiving approval from foreign investment promotion board (FIPB) of India. If it goes through, the overall value of the deal may reach USD 58.1 million. Further, Shyam Telelink also applied for mobile licenses across the country. Shares of Shyam Telecom gained 31.69% over the past week, and 49.44% over the last month.
