Tata Communications up 6% as ICASA approves Neotel sale

The stock was up 6% to Rs The stock was up 6% to Rs 670 on the BSE in intra-day, trading close to its 52-week high of Rs 687670 on the BSE in intra-day, trading close to its 52-week high of Rs 687.

Tata Communications was up 6% to Rs 670 on the BSE in intra-day trade after the Neotel said it has received unconditional approval from the Independent Communications Authority of South Africa (ICASA) for acquisition of Neotel by Liquid Telecom.

“Liquid Telecom, a pan-African telecoms group, majority owned by Econet Wireless Global, had entered into an agreement to acquire South African communications network operator Neotel, which is a subsidiary of the Tata Communications,” the company said in a statement.

The board of Tata Communications, at its meeting held on 8 November, 2016 recommended to the shareholders of Neotel, the sale of the entire shareholding in Neotel, subject to approval of the ICASA.

The stock is trading close to its 52-week high of Rs 687 touched on October 24, in intra-day trade.

At 09:43 am; it was up 5% at Rs 662 on the BSE against a marginal 0.03% decline in the S&P BSE Sensex. A combined 766,666 shares changed hands on the counter on the BSE and NSE so far.