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Sujana Towers buys majority stake in Mauritius firm

Sujana Towers buys majority stake in Mauritius firm
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First Published: Wed, Jun 18 2008. 03 01 PM IST
Updated: Wed, Jun 18 2008. 03 01 PM IST
PTI
Mumbai: Hyderabad-based Sujana Towers said on 18 June it has acquired a 51% stake in Mauritius-based telecom infrastructure company Telesuprecon Ltd for an undisclosed sum.
“The acquisition of 51 per cent shareholding was by way of subscription to new equity shares issued by Telespurecon. No money is being paid to existing promoters,” Sujana Group director HS Rao told reporters.
The company, Telesuprecon, has branches in various east and central African countries and is in advanced stages of negotiations for securing telecom infrastructure contracts aggregating to $40 million, to be executed over the next 12-21 months.
The share price of the company reacted positively to this announcement, surging 17% over its previous close and touching an intra-day high of Rs110.90. The scrip was last quoted at Rs104.40, up 10.48% on the BSE in afternoon deals.
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First Published: Wed, Jun 18 2008. 03 01 PM IST