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DoCoMo makes Rs949 cr open offer for 20% in Tata Tele

DoCoMo makes Rs949 cr open offer for 20% in Tata Tele
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First Published: Fri, Nov 14 2008. 01 07 PM IST
Updated: Fri, Nov 14 2008. 01 07 PM IST
PTI
Mumbai: Japanese telecom firm NTT DoCoMo Inc today announced a Rs949 crore open offer to the shareholders of Tata Teleservices (Maharashtra) Ltd for up to 20% equity at Rs24.70 per share.
The open offer price represents a premium of 3.73% over TTML’s Wednesday’s closing of Rs17.99.
The scrip of TTML had surged as much as 18% on the bourses in early trade. At 12.24 hrs shares of TTML were trading at Rs20.70, up 15.06% on the BSE.
The open offer would be made by DoCoMo along with Tata Sons and is scheduled to begin on 8 January and close on 27 January, 2009, TTML said in a filing to the Bombay Stock Exchange.
The offer is for acquiring 38,42,41,919 shares or up to 20%.
On Wednesday Japan’s biggest mobile-phone operator NTT DoCoMo Inc acquired a 26% stake for $2.7 billion (Rs13,070 crore) in Tata Teleservices Ltd.
The purchase of shares by DoCoMo is subject to obtaining the required approval from the Foreign Investment Promotion Board (FIPB) and the Reserve Bank of India, the filing added.
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First Published: Fri, Nov 14 2008. 01 07 PM IST