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Sistema’s India Unit to Sell $1.18 Billion of Preferred Shares

Sistema Shyam TeleServices Ltd., the Indian mobile phone venture controlled by Russian billionaire Vladimir Evtushenkov’s AFK Sistema, will sell 60 billion rupees ($1.18 billion) of preferred shares, doubling its authorized capital.

The non-convertible share issue will not change the voting structure of the unit, the Moscow-based company said in a regulatory filing today following a shareholder’s meeting. Sistema holds 57 percent of Sistema Shyam.

India’s Supreme court last month canceled 21 licenses that the unit won in 2008 as part of a probe into the auctions. Sistema, which says the company has invested more than $3.1 billion, called on the Russian and Indian government to help settle the dispute.

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