Vodafone-Hutch deal was one of the biggest deal along with TATA-Corus and Hindalco-Novelis to hit the business headlines in the recent past. But all has not gone well for Vodafone-Hutch.
Essar holds 33% stake, of which 22% is through foreign subsidary and remaining 67% by HTIL of which 12.26% is held by Asim Ghosh and Analjit Singh. The allegation is against the stake of Ghosh and Singh since it is funded by HTIL, which makes the overall foreign holding to 89%, beyond the regulatory limit of 74% . Reports say that Vodafone bought 52% stake in Hutch-Essar and another 15% as non-convertible preference share, which is excluded from FDI cap.
There has been more confusion about the stakes in this acquistion
14 April, 2007
Vodafone-Hutch confusion
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