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Tata Group firms on Friday made open offer to acquire upto 26% stake in domestic telecom gear firm Tejas Networks for around 1,038 crore.

The offer is part of Tata Group's bid to acquire a controlling stake in Tejas Networks.

Under the open offer, Tata Sons and its subsidiaries Panatone Finvest, Akashastha Technologies have made a cash offer to acquire around crore fully paid-up equity shares of Tejas Networks at a price of 258 apiece.

"This open offer is being made by the acquirers and the PAC to all the eligible shareholders of the target company (Tejas Networks) to acquire up to 4,02,55,631 equity shares, constituting 26 per cent of the expanded voting share capital at a price of 258 per offer share aggregating to a total consideration of 10,38,59,52,798," the letter of open offer said.

Tejas Networks on July 29 had said that an arm of Tata Sons will acquire controlling stake in it for nearly 1,890 crore in a multi-step deal and the company has executed definitive agreements with Panatone Finvest.

"The prime objective of the acquirers and the PAC is to have substantial holding of equity shares and voting rights, accompanied by acquisition of control of the Target Company. Further, the Acquirers and the PAC see a very large opportunity in the telecom sector both in India and international markets. They plan to work with the experienced team of the Target Company to benefit from the growth opportunity from new cycle of investment in new evolving telecom technologies and fiber-based broadband rollouts," the letter stated.

On Friday, Tejas Networks stock has risen nearly 5% to close at 517.50 on NSE.

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