Telenor has agreed to changes in its agreement to take a majority stake in Indian mobile operator Unitech Wireless. Under the terms of the new agreement, Telenor's initial investment will continue to be the previously agreed INR 61.2 billion (USD 1.2 billion). However, the Norwegian company will acquire a larger stake, of 67.25 percent, versus the previously announced 60 percent. In October 2008 Telenor agreed to acquire a controlling interest in Unitech Wireless, through subscription for new shares. The subscription for new shares in Unitech Wireless will be completed in four phases. Upon completion of the first phase of the investment, Telenor's ownership percentage will be 33.5 percent. The transaction and the first phase of Telenor's investment are expected to soon be completed, as the related closing formalities have already been finalised. Telenor initially planned a rights issue to finance the takeover, but following pressure from shareholders decided to fund the acquisition with cash and debt.
