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Prime Tel to raise 
300 Crore
By siliconindia
New Delhi: Prime Telesystems, a privately held next-generation convergence service provider, plans to raise 
300 crore through an institutional placement of share. The existing angel investors will part-exit under this plan, ahead of a proposed launch of services in India, reports VCCircle.
Under the proposed unified telecom-licensing framework of the Government of India, the fund will be used for launching convergence services in India. The firm will have to restructure its equity to conform to the FDI norms for telecom license holders. The company is not ready to sacrifice its 'Indian' tag at any stage, rather targets for an Indian ownership in excess of 75 percent prior to the launch of the services.
The global CEO of the company is Shalin Dehbur, who operates from a development centre in Israel.The company will apply for a license based on the new unifies license terms that is being finalized by the government. They have no plans for an IPO in the near future.
300 crore through an institutional placement of share. The existing angel investors will part-exit under this plan, ahead of a proposed launch of services in India, reports VCCircle.
Under the proposed unified telecom-licensing framework of the Government of India, the fund will be used for launching convergence services in India. The firm will have to restructure its equity to conform to the FDI norms for telecom license holders. The company is not ready to sacrifice its 'Indian' tag at any stage, rather targets for an Indian ownership in excess of 75 percent prior to the launch of the services.
The global CEO of the company is Shalin Dehbur, who operates from a development centre in Israel.The company will apply for a license based on the new unifies license terms that is being finalized by the government. They have no plans for an IPO in the near future.
