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AFK Sistema OAO Acquires Preferred Shares Of Sistema Shyam Teleservices Ltd-Interfax


Wednesday, 27 Feb 2013 05:10am EST 

Interfax reported that Sistema Shyam Teleservices Ltd (SSTL) has placed 4,070,000 non-convertible, preferred shares, SSTL said in materials published on the website of the Indian Department of Telecommunications. The shares were purchased for $750 million by SSTL's parent company AFK Sistema OAO (Sistema) via another Indian subsidiary. The shares are part of an issue of preferred shares (up to 60 billion rupees or $1.8 billion) that SSTL shareholders approved in March 2012. The shares have no voting rights and must be redeemed after 10 years. SSTL will use the proceeds partly to restructure Sistema-guaranteed bank loans and partly to finance operations. Sistema owns 56.68% of SSTL, Rosimushchestvo has 17.14% and India's Shyam Group has 23.98%. 

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10.5
-0.25 -2.33%
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