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Srei completes stake sale in Viom
Srei Infrastructure Finance on Thursday said it has completed the stake sale in Viom Networks to American Tower Corporation (ATC) for Rs 2,931 crore.
Kolkata : Srei Infrastructure Finance on Thursday said it has completed the stake sale in Viom Networks to American Tower Corporation (ATC) for Rs 2,931 crore. Srei sold its entire 18 per cent stake in telecom tower company Viom, in which the Tatas and few others had shareholding, a company official said.
The infrastructure financing firm, along with other shareholders, had entered into a definitive agreement with ATC on October 21, 2015 for selling its stake in Viom. Viom owns and operates over 42,000 wireless communication towers across India.
"Post the receipt of all regulatory approvals, the transaction has been completed and we have now received the entire consideration for our stake sale. This will lead to substantial cash inflow into Srei, which will lower its debt and reduce interest cost, thereby augmenting capital and improving future profitability," Srei Vice-Chairman and MD of Viom, Sunil Kanoria said.
