Tata Group firms make open offer to acquire 26% stake in Tejas Networks

New Delhi: Tata Group firms on Friday made open offer to acquire upto 26 per cent stake in domestic telecom gear firm Tejas Networks for around Rs 1,038 crore. The offer is part of Tata Group’s bid to acquire a controlling stake in Tejas Networks.

Under the open offer, Tata Sons and its subsidiaries Panatone Finvest, Akashastha Technologies have made a cash offer to acquire around crore fully paid-up equity shares of Tejas Networks at a price of Rs 258 apiece.

“This open offer is being made by the acquirers and the PAC to all the eligible shareholders of the target company (Tejas Networks) to acquire up to 4,02,55,631 equity shares, constituting 26 per cent of the expanded voting share capital at a price of Rs 258 per offer share aggregating to a total consideration of Rs 10,38,59,52,798,” the letter of open offer said.

Tejas Networks on July 29 had said that an arm of Tata Sons will acquire controlling stake in it for nearly Rs 1,890 crore in a multi-step deal and the company has executed definitive agreements with Panatone Finvest.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Education News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechiLive.in is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.