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To: Mohan Marette who wrote (10193)	12/22/1999 7:13:00 AM
From: Mohan Marette	Read Replies (1) of 12475

Global receives Rs1.8 bn for group firm gtl.co.in 22-12-1999 17:14:27 Global Tele-Systems Ltd has received Rs1.8bn from a consortium of investors for the sale of its stake in group firm Global Electronic Commerce Services Ltd (GECS), the company said in a statement today. Confirming the receipt of Rs1.8bn today towards the transaction the company said the consortium of investors had subscribed to the unsecured non-convertible debentures of Global Tele-Systems, which could be redeemed for equity shares of GECS at a minimum base price within 120 days. The company had set the base price at Rs200 per share. The statement said, the company had stipulated a target price between Rs200 and Rs250 per share and valued the total transaction between Rs1.8bn and Rs2.25bn. It said the final price will be decided within 120 days after valuation by the consortium of investors. Shares of Global Tele-Systems ended Rs46 higher at 1,043 in a volume of 2.86mn shares on the Bombay Stock Exchange. Source: Reuters

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