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| DoCoMo to buy 12% in TTML |
| Press Trust Of India / New Delhi Mar 27, 2009, 00:42 IST |
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Tata Sons Ltd today said that DoCoMo would acquire 12 per cent of the common shares of Tata Teleservices (Maharashtra) Ltd (TTML) for about Rs 570 crore through an open offer.
“DoCoMo is preparing to acquire roughly 12 per cent of the common shares of Tata Teleservices (Maharashtra) Ltd (TTML) for about Rs 570 crore through an open offer, as the tender offer period ended on March 12,” a statement by the company said. The statement added Tata Sons has completed the sale of a 26 per cent stake in the group’s unlisted mobile telecom firm, Tata Teleservices Ltd, to DoCoMo.
The two firms had announced the $ 2.7 billion deal in November last year. DoCoMo will nominate three executives to serve on TTSL’s board of directors, Tata Sons said in a statement. With this, DoCoMo is now a 26 per cent shareholder in TTSL, where Tata Sons is the single largest shareholder, with over 40 per cent stake in the company. NRI businessman C Sivasankaran holds 8 per cent and the Singapore government’s investment arm holds 9.9 per cent.
The Japanese company said the acquisition in TTSL included 20 per cent newly issued shares and 6 per cent shares purchased from shareholders. Yesterday, Tata Communications sold one per cent of its stake in TTSL to DoCoMo for Rs 424 crore and another Tata firm, Tata Power, is also learnt to have sold some of its stake to DoCoMo for Rs 317 crore.
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