Date:21/06/2006 URL: http://www.thehindu.com/2006/06/21/stories/2006062109021800.htm

Business

Citigroup Global picks up stake in VSNL

Special Correspondent

MUMBAI: Citigroup Global Markets has picked up 6.3 per cent stake in Videsh Sanchar Nigam Ltd. (VSNL). The stake was acquired through American Depository Receipts (ADRs) of VSNL which are listed on the New York Stock Exchange. Citigroup has bought around 18.7 million shares, it has stated in a submission the U.S. Securities and Exchange Commission.

PTI reports:

Before this transaction, Citi was holding 1.53 per cent in the company.

At present, the Tata group owns 71 per cent stake in VSNL while institutional investors including foreign institutional investors 25.18 per cent and others including public the balance.