Tata Sons arm to acquire controlling stake in Tejas Networks for nearly Rs 1,890 cr
India TV NewsTejas Networks, a telecom and network firm, on Thursday said an arm of Tata Sons will acquire controlling stake in it for nearly Rs 1,890 crore in a multi-step deal. As part of the agreement, the company will make a preferential allotment of 1.94 crore equity shares at a price per equity share of Rs 258 per share aggregating to Rs 500 crore to Panatone. Panatone will also acquire up to 13 lakh equity shares of the Tejas Networks from certain personnel in management, at a price not exceeding Rs 258 per equity share aggregating to Rs 34 crore, subject to such terms and conditions as mutually agreed between the parties, the statement said. Subsequently, Panatone and other certain companies of the Tata group will make an open offer to acquire up to 4.03 crore equity shares of Tejas Networks representing 26 per cent of the emerging voting capital in accordance with SEBI Takeover Regulations, the company said.
History of this topic
Tejas Networks Soars 20% to 3-Month High on Stellar Q2 Numbers
Live MintDiscover Related
)
)
)
