Tata Sons arm to buy 43.3% stake in Tejas Network for Rs 1,850 cr

Panatone and other companies of the Tata group would make a public announcement 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 total cost of acquisition will touch Rs 2,850 crore if the public offer is taken into consideration.

Tejas shares rose 5 per cent to Rs 246 on the BSE on Thursday.

Tejas will make preferential allotment of 1.94 crore equity shares at a price per equity share of Rs 258 per share, aggregating to Rs 500 crore.

Subscriber Only Stories

View All

ExplainSpeaking | Budget 2023-24: Economic growth, fiscal health and unem...

In Jharkhand district, block-level clubs help elderly deal with loneliness

Delhi Confidential: PM Modi, top leaders attend Nadda wedding, but QR cod...

What could be the govt’s calculations behind the slashing of the MG...

Monthly plan to access Budget

There will also be 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, which may be exercised by Panatone in one or more tranches during the period commencing from the date of allotment of the warrants until expiry of 11 months from the date of allotment.
Sanjay Nayak will continue as MD and CEO of Tejas.