Uninor To Launch Rights Issue In 2012

Norway's Telenor said on Tuesday the planned rights issue by its Indian unit, Unitech Wireless, to raise RS 82 billion ($1.68 billion) will take place next year.

Sigve Brekke, executive vice president of Telenor and its head of Asia, said the company, which trades under the brand Uninor, has not appointed any adviser for the capital raising.

"I don't have any exact timeframe, but of-course there are certain steps and processes that we need to follow so it will take some months. It will not happen this year," Brekke, who is also the chief executive of Unitech Wireless told Reuters.

He said "yes" when Reuters asked if the rights issue will definitely happen next year.

Telenor owns 67.25 per cent of the joint venture while Indian real estate firm Unitech owns the remainder.

The rights issue has been delayed after Unitech obtained a court's "stay order", which Telenor said has been cleared by another Indian court, allowing the to proceed with the planned issue.