| Kippreport.com

Etisalat raises $510 million from Axiata stake sale

September 13, 2012 1:11 by Reuters

Etisalat, the United Arab Emirates’ biggest telecommunications company, raised about $510 million from the sale of a stake in Indonesia’s PT XL Axiata.

The company sold 775 million shares at 6,300 rupiah each, putting the deal at 4.88 trillion rupiah ($510.03 million), according to a term sheet of the offering seen by Reuters on Thursday.

The shares were priced at a discount of 6 percent to Wednesday’s close, after having been marketed in a range of 6,100 to 6,300 rupiah each.

JPMorgan and Morgan Stanley managed the share sale.

($1 = 9568.0000 Indonesian rupiah) (Reporting by Elzio Barreto; Editing by Ryan Woo)

Tags: Etisalat, Indonesia, PT XL Axiata, stake, UAE