Tejas Networks gains after Abu Dhabi Investment, Amansa Holdings buy stake

The stock was up 4% to Rs 274 on the National Stock Exchange in early morning trade.

Tejas Networks was up 4% to Rs 274 on the National Stock Exchange (NSE) in early morning trade after institutional investors bought the stake in the company via open market.

On Tuesday, June 27, 2017, Abu Dhabi Investment and Amansa Holdings Private Limited had collectively purchased 1.88 million equity shares representing 2.1% stake in Tejas Networks on first day of its listing through block deal, NSE bulk deal data shows.

Amansa Holdings Private Limited had acquired 1.35 million shares at price of Rs 260.56 per share, while Abu Dhabi Investment bought 530,000 shares at price of Rs 265.12 per share. CLICK HERE FOR DETAILS

The name of the sellers not ascertained immediately.

Tejas Networks closed 2.5% higher at Rs 263.50 on Tuesday despite weakness in market. The stock listed at par against its initial public offer (IPO) price of Rs 257 per share due to subdued response to the IPO.

The company designs, develops and sells products to telecommunications service providers, internet service providers, utility companies, defence companies and government entities in India and over 60 countries.

The anchor investors include Abu Dhabi Investment Authority - Behave, Amansa Holdings Pvt Ltd, Columbia Emerging Markets Fund, SBI Life Insurance Company Ltd, Reliance Nippon Life Insurance Company Ltd and BNP Paribas Arbitrage, according to a filing made by Tejas Networks to the BSE.

At 09:47 am; the stock was trading 2.2% higher at Rs 269 on NSE, against 0.12% decline in the Nifty 50 index. A combined 640,000 shares changed hands on the counter on the NSE and BSE.