.Thursday, February 22, 2007 Updated: 03:53 am .

HTIL's EGM on March 9 to vote on Hutch-Essar sale

PTI | New Delhi

Hong Kong-based Hutchison Telecom International Ltd will convene an extraordinary general meeting (EGM) of the shareholders on March 9 to vote on sale of its controlling stake in Indian mobile operator Hutch-Essar to UK's mobile phone giant Vodafone.

HTIL board of directors said in a circular to shareholders to vote on the agreement entered by it on February 12 to sell its 67 per cent stake in Hutch-Essar, India's fourth largest mobile phone company to Vodafone for a consideration of $11.08 billion based on an enterprise value of $18.8 billion of Hutchison Essar.

Vodafone has been given an undertaking by the Hutchison Whampoa Limited, which was the registered holder of 49.66 per cent stake in HTIL to vote in favour of the deal.

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