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Tejas Networks hits upper circuit as Tata Sons arm to buy controlling stake

Panatone Finvest Limited, a subsidiary of Tata Sons, will buy a 43.3 per cent stake in the telecom related services firm for Rs 1,850 crore

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2 min read Last Updated : Jul 29 2021 | 11:12 AM IST

Shares of Tejas Networks were locked in upper circuit of 5 per cent at Rs 246 on the BSE in Thursday's session after the company announced that Panatone Finvest Limited, a subsidiary of Tata Sons, will buy a 43.3 per cent stake in the telecom related services firm for Rs 1,850 crore.

The stock of Tejas Networks hit upper circuit for the fifth straight day. It was trading at its 52-week high level and has rallied 28 per cent in the past one week. In comparison, the S&P BSE Sensex was down 0.28 per cent during the same period. A combined around 55,000 equity shares have changed hands on the counter and there were pending buy orders for 6.37 million shares on the NSE and BSE as of 10:54 am.

Tejas Networks on Thursday announced that it has executed definitive agreements with Panatone Finvest Limited (“Panatone”). The company will allot 19.4 million equity shares at Rs 258 per share, aggregating to Rs 500 crore on a preferential basis.