Essar Securities is going ahead with a stake sale in its telecom infrastructure company.

Named Essar Telecom Infrastructure, which is mostly into tower business; the firm will now see American Tower Company (ATC) as one of its shareholders.

The total value of the deal is going to be close to Rs. 49 crore and has already got approval from the board of directors of Essar Securities.

Stake would be passed on the name of Transcend Infrastructure, which is the Indian affiliate of the US Company. The details of the deal were filed by Essar to the BSE.

A source close to the matter has said that the deal between the two companies is already done.

Meanwhile, both the parties have not signed any formal document as of yet.

Post the deal, the shares of Essar Securities jumped by 4.96 per cent on the BSE and were trading at Rs. 73 at the close of the session.

ATC is doing the deal as part of its plan to expand itself in India. It has already bought local tower companies like Xcel Telecom and Transcend. It already has a chain of 2,000 towers across various sites in India.