Udayavni Special

Tejas Networks shares jump 5 pc; hit upper circuit as Tata Sons arm to acquire controlling stake


PTI, Jul 29, 2021, 12:39 PM IST

New Delhi: Shares of Tejas Networks on Thursday jumped 5 per cent to hit its upper circuit after the telecom and network firm said an arm of Tata Sons will acquire controlling stake in it for nearly Rs 1,890 crore in a multi-step deal.

The stock rose by 4.99 per cent to Rs 246 — its upper circuit limit — on BSE.

On NSE, it gained 4.98 per cent to Rs 244.35 — its upper circuit.

Tejas Networks 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.

The company has executed definitive agreements with Panatone Finvest, a subsidiary of Tata Sons (Tata group holding firm), it said in a statement.

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.

There will also be another preferential allotment of 3.68 crore warrants, each carrying a right to subscribe to one equity share at an exercise price of Rs 258 per equity share aggregating to Rs 950 crore.

Further, a preferential allotment of 1.55 crore warrants, each carrying a right to subscribe to one equity share at an exercise price of Rs 258 per equity share aggregating to Rs 400 crore, will also be made.

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.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Ministers in Amarinder Singh govt question decision to ‘drop’ them

Punjab CM Charanjit Singh Channi carries out first cabinet expansion

Techie feared washed away in heavy rain, search operation underway

Authorities baffled as man demands Modi’s presence for his vaccination

Byndoor-origin man hosts PM Modi for fourth time in US

Man arrested for wife’s murder wanted to kill her during trip to coastal Karnataka

Bengaluru: Police resume using breath analysers to check drunk driving

Related Articles More

Amazon advances festive sale date, GIF to now start on Oct 3

Flipkart is changing ‘The Big Billion Days’ dates to Oct 3-10

Global trends to steer markets; stocks may face volatility amid rich valuations: Analysts

I-T dept notifies FY21 ‘safe harbour’ rates for companies

Tourism sector heading for a comeback riding on large-scale vaccinations, new norms: Industry body

MUST WATCH

New Education Policy its a need for society : Minister Dr. Ashwathnarayan C. N

Students participated in procession

UDAYAVANI NEWS BULLETIN|26/9/2021

Illegal gas filling at dandeli

Fire Accident at kapu


Latest Additions

Yogi announces Rs 25 per quintal hike in sugarcane purchase price

Warm welcome for PM at Palam airport on return from US

Ministers in Amarinder Singh govt question decision to ‘drop’ them

5 held as 3 REET candidates found with slippers hiding bluetooth devices

Punjab CM Charanjit Singh Channi carries out first cabinet expansion

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.