Tata Sons arm to acquire majority stake in Tejas Networks
By IANS |
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Tata Sons surpasses Centre as the largest promoter of listed companies. Image Source: IANS News
Bengaluru, July 29 : Panatone Finvest Limited, a subsidiary of Tata Sons Private Ltd plans to acquire controlling stake in telecom equipment maker Tejas Networks.
Panatone Finvest will buy a 43.3 per cent stake in Tejas Networks for Rs 1,850 crore and along with other Tata Group companies, Panatone would make a public announcement to acquire up to another 26 per cent stake in Tejas.
Tejas Networks has executed definitive agreements with Panatone.
In a regulatory filing, Tejas said that it sees a very large opportunity in the telecom sector both in India and global markets with the new cycle of investments in 5G and fiber-based broadband rollouts.
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The government holds 7,44.46,885 equity shares of TCL, which, at last closing price of Rs 1,289.75 per unit, stands at a value of over Rs 9,601 crore. Govt to sell 16.12% stake in Tata Communications through OFS
New Delhi: The government will sell its entire stake in Tata Communications through an offer for sale (OFS) and the rest to Tata Son s investment arm Panatone Finvest Ltd. Currently, the government holds 26.12 per cent stake in Tata Communications, Panatone Finvest Ltd 34.8 per cent and Tata Sons 14.07 per cent, respectively. Tata Communications Ltd has today (Friday) signed an amendment agreement between the President of India, Panatone Finvest Ltd, Tata Sons Private Ltd and the company for sale of the entire shareholding in the company by the Government of India, Tata Communications Ltd. (TCL) said in the BSE filing on Friday.
Govt to sell 16 12% stake in Tata Comm through OFS, rest to Tata Sons arm business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.