Tata Group firms make open offer to acquire 26% stake in Tejas Networks

Tata Group firms on Friday made open offer to acquire upto 26 per cent stake in domestic telecom gear firm Tejas Networks for around Rs 1,038 crore.

The offer is part of Tata Group's bid to acquire a controlling stake in Tejas Networks.

Under the open offer, Tata Sons and its subsidiaries Panatone Finvest, Akashastha Technologies have made a cash offer to acquire around crore fully paid-up equity shares of Tejas Networks at a price of Rs 258 apiece.

"This open offer is being made by the acquirers and the PAC to all the eligible shareholders of the target company (Tejas Networks) to acquire up to 4,02,55,631 equity shares, constituting 26 per cent of the expanded voting share capital at a price of Rs 258 per offer share aggregating to a total consideration of Rs 10,38,59,52,798," the letter of open offer said.

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