Tata Group corporations make open provide to amass 26% stake in Tejas Networks

New Delhi: Tata Group corporations on Friday made open provide to amass upto 26 per cent stake in home telecom gear agency Tejas Networks for round Rs 1,038 crore. The provide is a part of Tata Group’s bid to amass a controlling stake in Tejas Networks.

Underneath the open provide, Tata Sons and its subsidiaries Panatone Finvest, Akashastha Applied sciences have made a money provide to amass round crore totally paid-up fairness shares of Tejas Networks at a worth of Rs 258 apiece.

“This open provide is being made by the acquirers and the PAC to all of the eligible shareholders of the goal firm (Tejas Networks) to amass as much as 4,02,55,631 fairness shares, constituting 26 per cent of the expanded voting share capital at a worth of Rs 258 per provide share aggregating to a complete consideration of Rs 10,38,59,52,798,” the letter of open provide stated.

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