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Mumbai, Dec. 26

The city based Videsh Sanchar Nigam Ltd (VSNL) said on Wednesday that it has sold 10 per cent of the paid up capital in its wholly owned subsidiary VSNL Lanka Ltd for 75 million Sri Lankan rupee (Rs 2.72 crore)to Sunshine Holdings PLC. Sunshine Holdings is a Sri Lanka based conglomerate with interests in pharmaceuticals, travel & tourism, tea & rubber cultivation and managing portfolio investments. The company has the option to acquire an additional 5 per cent of VSNL Lanka’s share capital in the next 12 months at fair market value, VSNL said in a communication to the bourses. Mr Rajiv Dhar, Chief Financial Officer of VSNL, said: “This partnership with Sunshine Holdings will enable VSNL Lanka to capitalise on our partner’s knowledge and experience in the Sri Lankan market. This is also part of our attempt to unlock value for our shareholders in an appropriate manner.” Reacting to the development, the VSNL scrip hit an intra day high of Rs 773.5 on the NSE today, before settling at Rs 748.8, 0.39 per cent higher than the previous day’s close. —

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