Tata Communications has surged 5% to Rs 197 after the Tata Group telecom company said that VSNL SNOSPV Pte Ltd, a wholly owned subsidary has entered into exclusive discussions with the British major Vodafone's South African subsidiary Vodacom to sell its entire stake in Neotel.
VSNL SNOSPV Pte Ltd, a wholly owned subsidiary of Tata Communications, has entered into exclusive discussions with Vodacom Group Limited to sell all of the issued share capital of Neotel, held directly or indirectly by the company, Tata Communications said in a regulatory filing.
The sale will also include the company's direct and indirect loan claims in Neotel. Vodacom and the company (together, the "parties") have agreed to exclusively discuss and negotiate the key terms of the potential transaction in a share purchase agreement, it added.
The stock opened at Rs 197 and hit a high of Rs 200 in early morning deals on the BSE. A combined 340,000 shares change hands on the counter till 0920 hours on BSE and NSE.
VSNL SNOSPV Pte Ltd, a wholly owned subsidiary of Tata Communications, has entered into exclusive discussions with Vodacom Group Limited to sell all of the issued share capital of Neotel, held directly or indirectly by the company, Tata Communications said in a regulatory filing.
The sale will also include the company's direct and indirect loan claims in Neotel. Vodacom and the company (together, the "parties") have agreed to exclusively discuss and negotiate the key terms of the potential transaction in a share purchase agreement, it added.
The stock opened at Rs 197 and hit a high of Rs 200 in early morning deals on the BSE. A combined 340,000 shares change hands on the counter till 0920 hours on BSE and NSE.
