Sistema Shyam raises Rs 1,280 crore

Sistema Shyam TeleServices (SSTL) has announced the raising of a loan amounting to Rs 1,280 crore through non convertible debentures (NCD).

The entire amount of Rs 1,280 crore has been received by SSTL and the 8 year debt is payable by 2019.

Deutsche Bank was the lead banker for this investment.

According to Sergey Savchenko, Chief Financial Officer of Sistema Shyam Teleservices ''It was quite challenging to raise such significant funds with such long tenor under current uncertain regulatory environment in India, but business has to continue and grow. This is the next step after raising Rs 920 crore loan from Barclays Bank and ICICI Bank in September last year and we currently have several other facilities in pipe-line.''

We are planning to utilize the proceeds to further scale up our telecom operations and repayment of maturing loan he added.

SSTL nationally operates its telecom services under the MTS brand with over 15 million wireless customers.