OREANDA-NEWS. April 04, 2012. Sistema JSFC (“Sistema”) (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, announces that Sistema Shyam TeleServices Limited (SSTL), Sistema’s subsidiary that operates its telecom services under the MTS brand in India, held an Extraordinary General Meeting (EGM) passing a resolution to increase its authorised capital from INR 60 billion to INR 120 billion (approximately USD 2.36 billion) by issuing Non-Convertible Redeemable Preference Shares to the extent of INR 60 billion (approximately USD 1.18 billion), reported the press-centre of Sistema.

In the same meeting, the shareholders also authorised the Board of Directors of SSTL to issue the said Preference Shares to investors in one or more tranches based on SSTL’s development requirements. No change in the voting equity structure of SSTL is expected as a result of the increase in its share capital. Proceeds from any such issuance will be used for SSTL’s general corporate purposes.
 
About Sistema Shyam TeleServices Ltd
Sistema Shyam TeleServices Ltd. (SSTL) is a venture, involving equity participation by Sistema (LSE: SSA) of Russia, the Russian Federation and the Shyam Group of India. Sistema is the majority shareholder in the company which operates its telecom services under the MTS brand. MTS is well recognized in India and worldwide for its commitment to high quality and innovative telecom solutions. MTS has recently been ranked by Millward Brown as 80th most valuable brand in the world. In a short span of time, MTS in India has secured over 16 million wireless subscribers and under the MBlaze brand provides mobile broadband services to more than 1.5 million customers in over 350 towns across the country.