Tata Sons picks up 43.35% in Tejas Networks, reboots 5G plans
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Last Updated: Jul 30, 2021, 06:45 AM IST
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Tata Sons plans to acquire 63.1% stake Tejas Networks, Bengaluru-based telecom product major, that will help it gain access to crucial technology for 5G and 4G telecom gear.
Tata Sons will acquire a controlling stake in telecom equipment maker
Tejas Networks to help it access 5G technology and take on the likes of Ericsson, Nokia and Huawei in tapping capital investments made by India and the rest of world as they adopt the next-generation communications system.
Tata Sons unit Panatone Finvest Ltd has signed a binding agreement to acquire 43.35% of Tejas through preferential issues of equity and warrants for Rs 1,850 crore. This will trigger an open offer for a further 26% stake in the company from the public, the two companies said in a joint statement on Thursday.
Tata eyes foothold in telecom equipment biz after Tejas acquisition
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Tata Sons to acquire majority stake in telecom firm Tejas Networks
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Tata Sons to acquire majority stake in Tejas Networks, triggers open offer
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Last Updated: Jul 29, 2021, 09:49 AM IST
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Synopsis
Tata Sons plans to acquire 63.1% stake Tejas Networks, Bengaluru-based telecom product major, that will help it gain access to crucial technology for 5G and 4G telecom gear.
Bengaluru:Tata Sons plans to acquire 63.1% stake
Tejas Networks, Bengaluru-based telecom product major, that will help it gain access to crucial technology for 5G and 4G telecom gear. The Tata group signed a binding agreement to acquire 43.35% of Tejas for Rs 1850 crore that triggered an open offer by Tata Sons to acquire shares of the company from the public.
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.