DoCoMo defers 20% open offer stake in Tata Teleservices

DoCoMo defers 20% open offer stake in Tata Teleservices
PTI
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First Published: Fri, Dec 26 2008. 11 47 AM IST
Updated: Fri, Dec 26 2008. 11 47 AM IST
Mumbai: Tata Teleservices (Maharashtra) Ltd (TTML) on Friday said Japanese telecom major NTT DoCoMo’s open offer for a 20% stake in the company has been deferred following a delay in approval from market regulator Sebi.
In an announcement to the shareholders of TTML, DoCoMo said the Rs949 crore open offer for a 20% stake in the firm has been postponed, “till further notice in this regard is published by the manager to the Offer”.
The open offer, by DoCoMo along with Tata Sons, was scheduled to begin on 8 January and close on 27 January, 2009.
“The revised schedule” on the offer will be announced on after SEBI gives its “observations in terms of the Regulations”, TTML said in a filing to the National Stock Exchange.
The offer was for acquiring 38,42,41,919 shares or up to 20% at Rs24.70 a piece.
In November NTT DoCoMo Inc had acquired a 26% stake for $2.7 billion (Rs 13,070 crore) in Tata Teleservices Ltd.
Shares of TTML were trading at Rs20.35, down 1.45%, on the NSE.
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First Published: Fri, Dec 26 2008. 11 47 AM IST