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DoCoMo, Tata make open offer for TTML

DoCoMo, Tata make open offer for TTML
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First Published: Fri, Nov 14 2008. 11 34 PM IST
Updated: Fri, Nov 14 2008. 11 34 PM IST
Mumbai / Bangalore: Japan’s biggest mobile phone operator NTT DoCoMo Inc. and India’s Tata Sons have priced their joint open offer for up to 20% shares in Tata Teleservices (Maharashtra) Ltd, or TTML, at Rs24.70 a share, an advertisement by the manager to the offer showed.
On Wednesday, shares in TTML rose 7.6% to Rs17.99. The Mumbai stock market was closed on Thursday for a holiday. It rose 12.23% to Rs20.19 on Friday, the highest level since 3 October. The Bombay Stock Exchange’s sensitive index, or Sensex, lost 1.58%.
The open offer announcement in The Economic Times on Friday follows Wednesday’s deal that will see DoCoMo buy a 26% stake in unlisted Tata Teleservices Ltd, which owns 37.65% stake in TTML, for $2.7 billion. Tata Sons, the holding company of the Tata Group, holds 20.7% of the capital of TTML. The offer, which is mandatory under Indian law, opens on 8 January and closes on 27 January, the advertisement said. Lazard India Pvt. Ltd is managing the offer. Reuters / Bloomberg
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First Published: Fri, Nov 14 2008. 11 34 PM IST
More Topics: NTT DoCoMo | Tata | TTML | Japan | Mobile Phone |